Vectrix sees jump in sales of its electric scooter
5:27 PM Thu, Oct 09, 2008 | Permalink
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Vectrix, the Middletown company that makes high-end electric scooters, ended its fiscal year with sales of $6.7 million, up from $800,000 in fiscal 2007, the company said in an "update" to its financial results. The company did not yet release its income statement for the fiscal year, which ended Sept. 30. The company will do so when it releases its final audited numbers within a matter of months, according to John McGuinness, chief accounting officer. Asked if the company was profitable yet, he said: "We're still a growing company and the cost structure is still out ahead of the sales function." Vectrix's sole product is a sleek, geometrically designed two-wheel vehicle that resembles a motorcycle. It weighs 462 lbs., can accelerate to 50 mph in 6.8 seconds, and has a wide seat that can accommodate a rider and passenger. It retails for $8,500. The company opened its first retail store in the United States in Newport about 14 months ago. The scooters are manufactured in Poland. The company's headquarters are in Middletown. Vectrix has a testing and research and development facility in New Bedford. The sales boost was driven primarily by sales made through a new dealer network that Vectrix established in North America, the company said. By the end of the year, Vectrix had signed up 160 dealers to sell its vehicles, up from 38 dealers at the end of fiscal 2007. During the 2008 fiscal year, Vectrix said it sold 1,184 bikes to dealers, an increase of 156 percent from 462 bikes sold to dealers in the 2007 fiscal year. But the revenue figures released by the company reflect the number of bikes actually sold to customers by those dealers, said McGuinness. Even though the company is paid by the dealer upon delivery of the bikes, Vectrix only records the revenue gain when it is sold to the customer because it is still considered a new company. "We hope during fiscal year 2009 to record revenue when we sell it to the dealer," he said. The total number of scooters sold to customers during the year was 754, compared to 68 in 2007, McGuinness said. The total revenue from those sales was $6.7 million, a 738 percent increase from 2007. Sales were also helped by a drop in the price of the vehicles, he said. The Vectrix scooter originally sold for $12,000 to $13,000. It can now be purchased for about $8,500, McGuinness said. The company also announced it will broaden its offerings next year. It plans to sell two new models that will have less power than its current model, but will also cost less, McGuiness said. One of the two new models will have the same platform and drive train as its flagship product, but with slightly less acceleration and top speed, Vectrix said. Next summer, Vectrix plans to sell an "entry-level" model that will be small and more compact. The electric motor will have the equivalent power of a 50cc internal combustion engine. The model will also be available in more powerful versions up to the equivalent of a 150cc motorbike. McGuinness said pricing of the new products has not been determined yet. Vectrix hired a new chief executive officer this spring. Michael Boyle, who had been a board member, became CEO in May, McGuiness said. He declined to say why Andrew J. MacGowan, the previous CEO and company founder, left the company. 
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Gas prices at this time in Lexington, KY are around $2.00 a gal. However, the oil companies hook us and then have us pay more for gas inn cycles. I don't trust them and I will continue to ride my electric bike as much as possible.
By the way, these are the most incredible bikes I have ever seen. Thanks for an incredible blog!
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Folks, take it from me, don't spend your hard earned money with Vectrix! Seek a 2 wheeler someplace else, because this company has not made any major changes to their offering, and now they add a few new colors and everything is rosy?!
Trust me, I KNOW what I am talking about when it comes to Vectrix!
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Folks, take it from me, don't spend your hard earned money with Vectrix! Seek a 2 wheeler someplace else, because this company has not made any major changes to their offering, and now they add a few new colors and everything is rosy?!
Trust me, I KNOW what I am talking about when it comes to Vectrix!
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The comments reputed to be by Victor Pritzker are obviously false and presumably have been made by the same individual who has made negative comments on similar blogs under different names. Pritzker is actually Vectrix sales director. Either this person got the sack from vectrix, is somehow linked to Macgowan the company's founder who got deposed or just a malicious drunk, look at time of post.
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It would seem evans8 works for Vectrix, since he seems so offended by the truth, that Vectrix is indeed in the dumps. Judging by the time evans8 wrote his comments, it would seem this is due to a lack of sleep.... could it be evans8 is so worried the truth is finally out! Victor Pritzker may be the sales director, but not anyone can tolerate him for very long!
Magowan.... interesting.
Folks, Vectrix has nothing but junk and the staff to back it up!
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