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EV Stocks in Play - Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP) Soars on News of Contract Manufacturing Partner for Sales of i300 in India

 

June 13, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, reports on trading for Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP), the British electric vehicle brand on a mission to revolutionise personal urban mobility,

The stock has exploded today with news, watching retail investors trade it up, currently at $1.9985, up 1.2835, rising 181.6702%. The stock has a day's range of 0.7505 - 3.0700 on volume of over 34 Million shares.

Zapp Electric Vehicles today announced that it signed a memorandum of understanding and intends to appoint Bounce Electric 1 Private Limited ("Bounce") as its contract manufacturing partner for sales of the i300 in India. Accel-backed Bounce already operates a domestic vehicle assembly facility and may further assist with distribution of i300 in the country. The parties intend for Bounce to provide the necessary support for homologation in India while Zapp continues working toward commercial rollout and first customer deliveries of the i300 in Europe and Thailand in summer 2024.

Swin Chatsuwan, Founder and CEO of Zapp EV, said: "India is one of the largest markets in the world for sales of two-wheelers and the number of premium models sold there is estimated to be more than four times the number of all models sold in the US. Bounce already operates a certified vehicle assembly facility in India, so this partnership is expected to accelerate Zapp's commercial rollout in that country. We think the design attributes of i300 make it an excellent solution for personal mobility with India's growing purchasing power and urban densification. Our plan to scale the business in India from an initial minimum capacity of 5,000 units per year is not dependent on any dedicated charging infrastructure since the i300's removable and portable battery packs can be charged from any wall socket, making this a huge market opportunity for both companies."

Zapp utilises an asset-light and capital efficient business model, enabled by its contract manufacturing partnerships, which are expected to provide sufficient capacity to quickly scale production without incurring significant capital expenditures. This capital-efficient financing structure, together with its asset-light production requirements, positions Zapp to achieve positive free cash flow in a shorter time frame compared to other four- and two-wheel electric vehicle peers.

Recent News:

https://ca.finance.yahoo.com/news/zapp-ev-appoint-contract-manufacturing-132500485.html

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