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.”
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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.
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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!