Vmoto and Riba in Brazilian scooter JV

 

Vmoto has entered into a joint venture with Brazilian company Riba Motors.

The West Perth-based Vmoto, which listed on the ASX in 2002, is a manufacturer and distributor of scooters, specialising in electric vehicles.

The deal, which is split 70/30 between Riba and Vmoto, will give Vmoto access to the lucrative Latin American market for scooters. Brazil is the world’s fifth-biggest electric scooter market, according to the company’s announcement.

“Brazil is very much a two wheel market, the speed of growth as a country is astonishing and their commitment, especially from fleet owners, to using electric vehicles in the future is both commendable and offers Vmoto the clear route for making very significant sales,” said the international sales and marketing manager for Vmoto, Michael Fulton, in a statement.

The managing director of Riba, Island Faria de Costa, said that there were obvious synergies to the deal.

“Joining forces reduces both time and costs, and takes advantage of the best of both companies – Vmoto’s technical and industrial expertise along with Riba’s knowledge of the Brazilian and South American Market.

Image: perthnow.com.au