Indonesia is the most important market in the world that doesn't get adequate analysis. Mea culpa. We analysts often look at Indonesia, dump it together with ASEAN, and feel happy in presenting a lumpy analysis of the entire region because everyone rides Bebeks / Scubeks. But that's far from the truth. Indonesia is...
The European market is highly fragmented, with about two million units being contested by 1500 brands. Now, an obnoxiously high number of these brands are white-label efforts from Chinese factories, which paint a telling picture of Europe. The electric efforts are powered mainly by the Chinese, with the Japanese and...
When we first analyzed (in July 2024) Gogoro, we questioned the overall business model. Specifically, the company puts energy (battery swapping) sales ahead of scooter sales, compromising the entire equation. This is what we wrote: Gogoro's business strategy clearly shows that it is first an energy company and then a scooter...
The Need for a Consortium It was 2021, and everyone was still figuring out batteries. Cell prices were high, and the business case for a battery scooter to be sold with the battery billed to the customer was shaky. Also, everyone was in kindergarten when it came to batteries. On the other...
Europe is a pioneer in electric mobility. The continent provides a natural fit for electric two-wheelers. The customers are more environmentally conscious; the cities are two-wheeler-friendly, and a few years back, everyone started doling out licenses to fleet operators to run electric moped renting operations. The European demand for electric mopeds...
The Key Metrics Zapp has sales of USD 17,400 in FY 2024 (ending Sept 2024). This was the first year of revenue for the company. The company reported a net loss of USD 9.0m on an IFRS accounting basis. This cannot be compared to the net loss of USD 222m in FY 2023,...
The Key Metrics Ola delivered 84,029 units in Q3 FY 2025, a 3.2% drop from 86,775 units in Q3 FY 2024. Within the same time frame, the industry grew 37.5% from 242,209 units to 333,063 units. The company reported INR 10.75bn (USD 122.81m) in revenue, a 19.5% drop from INR 13.36bn (USD...
...and thank god for that. Dust Moto looks at motocross from a lifestyle lens. It doesn't want to go low - the Sur-Rons and Talarias can breathe. It doesn't want to go high - Stark can wait. Dust wants to make an excellent motocross bike that is good-looking and well-finished, with...
No story on off-road electric motorcycles can be complete without Stark. We start ours from there. Stark's success has paved the way for at least 25 startups worldwide to target the same segment. But being Stark is a challenge - they developed a high-revving motor, optimized the weight, and created...
The biggest concern is that the market for Livewire's very capable S2 range remains small. This year (2024), Livewire could sell 612 motorcycles, falling short of 2023 sales of 660 motorcycles. While 2024 unit sales could not cross 2023 numbers, there is some improvement in Net Losses (USD 109.6m vs 93.9m)...
When a mass manufacturer innovates, it is exciting, as the benefits are available to a larger market immediately. Ola has always been a good marketer - taking market leadership in electric scooters in an ultra-competitive Indian market is no easy feat. However, we have noticed that at times the marketing...
Vmoto released its Q4 and full-year 2024 numbers yesterday. For 2024, Vmoto sold 17038 units, down 33% from 2023 sales of 25241. The last quarter of the year is the slowest for the company, and they managed to sell 3801 units in Q4 2024. Sales were down in China as well...
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