ASX-listed electric vehicle maker Vmoto is building a new $14 million factory, potentially doubling its production capacity.
The new 32,856 square metre facility, located close to Vmoto’s existing manufacturing base in Nanjing, China, will more than double its manufacturing footprint, and increase production from 150,000 units a year up to a potential 300,000.
“The new industrial land acquisition and construction of new manufacturing facilities is a strategic move and in line with the company’s long term international growth strategy,” Vmoto managing director Charles Chen says.
“We expect it will bring a number of benefits to the company, with minimal downside risks, and will allow Vmoto to continue to move towards its goal of becoming a world-class e-mobility solution provider.”
The company adds that the global transition of the transport industry towards net-zero carbon is boosting demand for electric vehicles, supporting Vmoto’s expansion.