-4:28 a.m. Pacific Time on October 26, 2021
Volcon, a Texas-based Grunt electric motorcycle manufacturer, has just announced plans for global expansion.
After meeting the huge demand for its off-road electric motorcycles at home and abroad, Volcon plans to demonstrate this on the road by expanding to Latin America and then in Europe and Africa.
Agreements have been reached for expansion into Mexico, Paraguay and Costa Rica, which marks the first part of Volcon's expansion in Latin America.
Volcon CEO Jordan Davis explained:
Because our vehicles can explore outdoor activities in an environmentally friendly way, easily traverse challenging back roads, or engage in family-friendly off-road adventures, we have received strong interest from all over the world. These advantages make our vehicles very suitable for the rugged terrain of Latin America.
Latin American countries are eager for electric cars, and we are proud to be able to export our cars to friends in these countries. We believe that Latin America and our future international expansion plan will soon become a large part of our annual sales growth, while showing the Volcon brand to the world.
This news may have exacerbated the already turbulent market on Wall Street, driving Volcon's stock price to rise by more than 20% that day, and finally closed up by 19.5% on Monday.
This is an important day for the company, and they are still newbies to the exchange. Volcon's IPO occurred three weeks ago, and the electric sports startup has already shown impressive returns.
Listed on the Nasdaq, the stock code is VLCN, and the IPO is $5.50 per share. The company's stock price has risen by more than 100%. At the close of the market on Monday, VLCN was trading at $11.11.
Volcon has performed well in several important announcements recently. After launching its first product from the announcement to the market in less than a year, the company is already preparing a four-wheel UTV functional prototype that can compete with Polaris and other large UTV manufacturers.
However, unlike other power sports companies, Volcon is fully electric. The manufacturer started with a single-tire electric motorcycle, and then announced two UTV models and another small electric motorcycle designed for teenagers and smaller riders.
The next few months may be crucial for Volcon, as investors will observe the performance of the stock before the expected demonstration of the company's first UTV prototype.
It is more important for me to see how the company transitioned from making two-wheelers to four-wheelers.
This is obviously more complicated than just adding a few wheels. Although the electronic devices are surprisingly similar (although the power level is several times higher), the mechanical structure has become more complicated. Problems such as suspension and steering are completely different problems that need to be solved, especially when developing a vehicle from scratch.
But considering that they seem to have completed their first car, I have high hopes for Volcon. Given the level of demand they see domestically and globally, it seems that many others feel the same way.
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Micah Toll is a personal electric car enthusiast, battery fan, and the author of Amazon’s top best-selling books "DIY Lithium Battery", "DIY Solar" and "The Ultimate DIY Electric Bike Guide."
You can send him a reminder via Micah@electrek.co
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