Vmoto Limited (AU:VMT) has released an update.
Vmoto Limited reports a significant 50% drop in 2Q24 unit sales compared to 2Q23, with international sales plunging by 52% due to economic challenges in Europe and China. Despite the downturn, the company maintains a strong cash position of A$41.7 million and remains cash flow positive, attributed to stringent cost control and inventory prepayment optimizations. Additionally, Vmoto is investing in UK-based Zenion Limited, expanding its footprint in the last-mile delivery sector, and is on track with constructing new manufacturing facilities in Nanjing, China.
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