Scorpio Stuck in First Gear as Losses Accelerate

Losses Mount for Scorpio Electric

Singapore e-motorcycle makers Scorpio Electric continue to sputter on the launch pad as losses climbed 15% to $2.4 million in the fiscal year ending March 2023.

Revenue remained negligible at just over $1,000 – a 44% nosedive from last year’s equally tiny $1,915.

“We seem to be stuck in first gear,” said a Scorpio spokesperson. “But we’re still tinkering under the hood to get our engines revving.”

Highlighting the Challenges of Building an EV Business

Despite kickstarting operations in 2017, Scorpio still hasn’t hit the open road with their e-bike. For now, they just sell t-shirts in the gift shop.

Scorpio says they’ve expanded their Singapore team to prep for a “successful global launch” eventually.

Earlier this year, Scorpio raised $6.75 million from mystery investors, lifting their valuation to $150 million. They planned to use the fuel to develop the Scorpio Electric X1.

So what now?

But with losses continuing to accelerate, Scorpio needs to shift into high gear soon before investors put on the parking brake. It’s been a long road in first gear.

Time to switch gears and finally let riders take the handles.

Scorpio’s not down for the count yet – but their launch window is closing fast. It’s pedal to the metal or bust!