(MENAFN - ProactiveInvestors - Australia) Electric powered scooter and OEM manufacturer Vmoto (ASX:VMT, AIM:VMT) has raced to the finishing line, producing 1000 units in excess of the initial forecasts of 6000 units as part of its OEM contract with PowerEagle.
The units delivered to PowerEagle in 2012 was in excess of forecasts and as at end of last year, it had delivered 6,300 units of PowerEagle electric scooters.
The company has installed and fitted new assembly lines in the manufacturing floor space of its Stage 2 manufacturing facility as it expands to meet the planned increased production target of 42,000 units of PowerEagle electric scooters this year.
It also simultaneously continues the production of its E-Max series of electric powered scooters, looking for sales at the high-end of the market in Europe. Its production figures for that remain unchanged.
It is also on track for the manufacture of the E-Tropolis electric scooters, which are likely to start by end of March, as planned.
Separately, Vmoto also has secured BV Nimag as its new distributor in the Netherlands.
BV Nimag is a Dutch company that is the importer of Suzuki cars and motorcycles and sports cars and began the distribution of electric scooters in 2011.
BV Nimag markets its electric scooters as Nimoto and branded electric scooters imported from Vmoto as Nimoto Pro Powered by E-Max.
Vmoto specialises in high quality "green" electric powered scooters and manufactures a range of western designed electric (and some petrol) scooters from its low cost manufacturing facilities in Nanjng, China.
Its products are marketed in Europe via operations in Barcelona and outside Europe through its operations in Australia. Now with a new distributor in Netherlands, it will likely achieve increased market penetration in Europe.
By producing both a high end product- E-Max- that targets the western markets with a premium end product and the value market in Asia via the Vmoto brand, the company is strategically positioned to take advantage of exposure to divergent clientele.
With better-than-projected- product delivery, Vmoto's financial performance over the last six months is likely to be in line with expectations.
Also, its ability to boost production and fullfill orders on time will only further enhance its financial performance as demonstrated in its share price, which has registered a 71% hike in the last six months. Proactive Investors can see further price appreciation based on momentum building in production, marketing and sales.