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.