Vectrix Sales Up 156% in Past Year

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Vectrix Corp. sold 1,184 bikes to dealers during its fiscal year ended Sept. 30, a 156 percent increase compared to the 462 units sold worldwide in the previous 12-month period. The company anticipated sales of 754 bikes to consumers during its recently ended fiscal year, resulting in an increase in revenue of 738 percent to $6.7 million. In North America, Vectrix sold 455 bikes to dealers during the year — 23 units during the first half and 432 units during the second half.

Vectrix Corp. was formed in 1996 to develop and commercialize zero emission vehicle platform technologies focused on two-wheel applications. Vectrix Corporation has headquarters in Middletown, R.I., engineering and test facilities in New Bedford, Mass., sales offices in the UK and production facilities in Wroclaw, Poland.

Executives say growth in the past year stems from Vectrix's move from being an R&D development stage company into an organization fully focused on commercializing its product.

"Strategies to stabilize the business are taking hold, cost reductions have proved effective and the acceleration of Sell-In, as a result of the focused expansion in distribution, is continuing," says Michael Boyle, CEO, Vectrix Corp. "All of these factors, coupled with the expanded 2009 product strategy will allow us to take further steps towards achieving the success we expect from these markets and our business."

Expanding Product Family
For the new financial year Vectrix is introducing an expanded Product Family. The flagship product will be called the Vx1 and will be a refreshed version of the current Vectrix bike.

A new model identified as the Vx1e will be introduced in spring 2009. The Vx1e uses the same platform and drive train as the Vx1, but features a lower price point and slightly less acceleration and top speed. In addition, for summer 2009, the company also plans to introduce an entry-level model called the Vx2. The Vx2 will be a smaller and more compact electric equivalent of a 50cc internal combustion engine (ICE) bike. The company expects to add additional power profiles to this product up to the electric equivalent of a 150cc ICE motorbike.

Additionally, the company also plans to introduce a new line of accessories.