While top-end electric motorcycle manufacturers - Livewire, Energica, Damon - are limping badly, the mid-size electric sports motorcycle segment is likely going to be an exciting market. Yadea entered last year and Honda will bring one this year. But India-based Ultraviolette has been selling (a very capable) one since 2023, but with limited success.

The problem? They don't sell very well.

The global mid-size may be mid-budget for motorcyclists, but is still too expensive for the Indian customers. The Total Addressable Market (TAM) is not great and Ultraviolette annual sales have not crossed 500 units.

The company now wants to come lower and expand its portfolio rapidly. Two days back, they unveiled a scooter and an electric enduro, both priced very aggressively. In doing so, we analyse, if Ultraviolette is changing fundamentally.

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Ultraviolette Changes Wavelength
Yesterday, India-based Ultraviolette revealed two upcoming products - Tesseract and Shockwave - and drew a roadmap for its intended future lineup. We see not just the new products, but also a startup willing to embark on a new business strategy, bits and pieces of which make us uncomfortable.
Insight EVEditor

Nuen Moto has a good-looking mid-size motorcycle

Zoom in at the Nuen N1-S and the clean lines hark to Scandinavian design influence. When Gia and his third co-founder Han Hoang talk passionately about the N1-S and explain that they have taken pains to maintain the price point, the Vietnamese ingenuity shines through.

Admittedly, we chased the shy Gia Nguyen for weeks before he agreed to sit down (along with co-founder Han Hoang) for this interview. Ultimately, it was worth it all as Nuen is a remarkable fresh breath in electric motorcycling. The potential is immense considering it comes from an Asian market with more motorcycles on the road than the entire Europe.

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Saigon Kick!
Last year, I was in Saigon and saw a country of resilience, youth, and immense potential. There is a hustle in that bustle. There is ingenuity - a country that can turn a painful war into a tourism opportunity.
Insight EVEditor

Vmoto Financials Worry

At slightly more than 1,400 units a month, Vmoto is losing its volume efficiency edge. At the same time, the ASX-listed company has a reasonably broad product portfolio, making any component-commonisation challenging.

The financial results for FY 24 are disappointing but the company has managed to keep its head above water.

Vmoto Revenues Decline and That’s Not the Talking Point
Vmoto reports a 32.5% dip in vehicle sales in FY 2024 and a 15.2% revenue decline. This was a year of major restructuring and expansion at the company as they head to an ASX delisting. However, the notice from a minority shareholder is a significant concern.
Insight EVEditor

That's a wrap for today. This newsletter will be back next Friday. The posts on the website are more frequent. Also, there is a new X in town.

You can find the About and Editorial Ethics pages here.

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