Smart Electric Vehicle Company Scorpio Electric Raises US$6.3M in Funding
Singapore, 9 November 2020 – Scorpio Electric is a smart electric vehicle company specialising in creating electric motorcycles with a focus on high performance. Scorpio Electric has raised US$6.3 million in funding to develop and produce their latest zero-emission, fully electric motorcycles.
In 2018, Scorpio Electric received S$2.0 million in seed funding from their parent company, EuroSports Global Limited, which holds the Lamborghini and Alfa Romeo dealership franchises. This successful round of fundraising marks the next milestone in Scorpio Electric’s plan to create a global brand of electric motorcycles.
Scorpio Electric is a global brand with immediate access to the Southeast Asian market, which represents a market population of 200 million motorcycles and annual sales of 15 million motorcycles
Scorpio Electric also intends to differentiate themselves by making their motorcycles “smart” with the use of artificial intelligence and data analytics, allowing them to be even more energy efficient.
Part of the funding proceeds will be used for software and hardware development of Scorpio Electric’s first electric motorcycle. This will include numerous prototypes and pre-production builds that will undergo rigorous quality testing and checks to adhere to international standards. Additionally, the company will invest in the completion of their headquarters and assembly plant, which includes developing the various equipment, parts moulds, tooling, and IT systems, etc. The 3,600 sqm assembly plant at Teban Gardens is expected to produce up to 8,000 electric motorcycles annually.
Scorpio Electric Current and Upcoming Milestones
“The future is electric! We at Scorpio Electric are all very excited for this US $6.3M fund raise, and are happy to know that our investors share the same vision as we have. There is so much untapped potential globally, but none more important than right here in our backyard of Southeast Asia. More than 15 Million bikes are sold a year in this region, along with an extremely young demographic looking for new products – the future is full of opportunity. We want to thank our investors and all our partners for joining us along this journey. A lot more to come!” said Mr Melvin Goh, Chief Executive of Scorpio Electric.
Scorpio Electric is a brand under EuroSports Technologies Pte Limited, a subsidiary of SGX-listed EuroSports Global Limited.
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About Scorpio Electric
Scorpio Electric is a global brand and electric vehicle company specialising in electric motorcycle manufacturing with a focus in performance.
The company aims to be a global brand and technology innovator in the two-wheel electric space and are looking to create a stylish, visually appealing product that has symbiotic relationship to the user through smart capabilities, with the intention to reduce the world’s carbon footprint.
About EuroSports Global
Established in 1998, EuroSports Global has a long history in the specialisation of distribution of ultra-luxury and luxury automobiles and provision of after-sales services. The company’s Automobile Sales business retails new ultra-luxury and luxury automobile brands and pre-owned automobile brands comprising mainly Lamborghini, Alfa Romeo and Touring Superleggera.
EuroSports Global is the sole authorised dealer for Lamborghini in Singapore since 2002 and Indonesia since 2018, the exclusive importer and distributor for Alfa Romeo in Singapore since 2004 and the exclusive distributor for Touring Superleggera in Singapore, Malaysia, Brunei and Indonesia and non-exclusive distributorship in the PRC since October 2012.
EuroSports Global is investing to develop a sustainable mobility solution in the form of a fully electric motorcycle under the brand, Scorpio Electric.
Issued for and on behalf of EuroSports Global Limited.
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