The Vmoto Ltd (ASX: VMT) share price is in the red today despite the company announcing an expanded product offering.
At the time of writing, the electric-powered scooter manufacturer's shares are down 2.1% to 46.5 cents after slipping 5% lower in the early afternoon.
Let's take a closer look at what the company updated the market with.
New electric vehicle line-up
In today's release, Vmoto advised that it has launched 3 new electric two-wheel vehicle models aimed towards the consumer market. These are the new TS model, the new TC model, and the CUmini model.
Vmoto unveiled all three models to the public on Tuesday this week at the 2021 Vmoto Soco World Premiere in Milan, Italy. The product launch event was attended by Jorge Lorenzo, a five times MotoGP world champion.
Vmoto highlighted that the rollout of the new electric scooter models demonstrated its commitment to becoming a leading global manufacturer. The adoption of battery-powered vehicles has surged in recent years, with European customers at the forefront of the change.
The launched models are available for order and will be distributed directly to customers through Vmoto's existing distribution channels. The company ships to more than 50 countries across 4 continents: Europe, South America, Asia and Africa.
What did the managing director say?
Vmoto managing director Charles Chen welcomed the new additions to the Vmoto family. He said:
I am delighted to announce the launch of three new B2C models, which have been more than one year in the making. 2020 has been a landmark year for the company's growth.
We continue to deliver excellent results operationally and commercially. We are confident that the release of these three new superior electrics two-wheel vehicle B2C products will ensure our growth continues during the next year and beyond.
Vmoto share price snapshot
The Vmoto share price has accelerated in the past 12 months, gaining more than 75% for investors. The company's shares took a small but brief dip in March last year, hitting a low of 11 cents. Since then, its shares rebounded to move on an upwards growth trajectory.
Based on the current share price, Vmoto commands a market capitalisation of around $129 million.
