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Volcon begins delivery of first electric UTV to US Army Corps

Published 28/02/2024, 11:54 pm
Updated 28/02/2024, 11:54 pm
© Reuters.

AUSTIN, Texas - Volcon Inc. (NASDAQ: VLCN), the first all-electric power sports company, has announced the delivery of its first electric utility terrain vehicle (UTV), the Volcon Stag, to the US Army Corps of Engineers. The company, which recently launched production of the Stag, touts it as the fastest-production electric UTV on the market. This delivery, which took place today, marks the initiation of a series of deliveries to the US Army Corps for evaluation in military and humanitarian aid operations.

The introduction of the Stag to the US Army Corps is part of a broader order that will see additional units being delivered over the coming months for further testing. Volcon's CEO, who assumed the role three weeks ago, expressed excitement over achieving this significant milestone and confirmed that production and sales of the Stag, as well as deliveries of their line of electric motorcycles, will continue to increase both domestically and internationally.

In addition to the production ramp-up, Volcon has launched a dealer roadshow in Texas this week to demonstrate the Stag and offer test rides to potential customers, with plans to extend the roadshow to all of their dealers shortly. The company has also restructured its marketing efforts to focus on converting existing reservations into confirmed sales.

Volcon's product lineup includes the Grunt EVO electric motorcycle, which is currently in full production and being delivered to US dealers and international distributors. The company also offers a range of electric vehicles for various markets, including the Runt LT for smaller riders and the Brat eBike.

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The announcement is based on a press release statement.

InvestingPro Insights

As Volcon Inc. (NASDAQ: VLCN) forges ahead with its ambitious plans, delivering its first electric utility terrain vehicle to the US Army Corps and ramping up production, a glance at the company's financial health is crucial for investors. According to InvestingPro data, Volcon's market capitalization stands at a modest $0.25 million USD, indicating it is a smaller player in the market. The company's revenue for the last twelve months as of Q3 2023 was $2.93 million USD, but it's worth noting that there was a significant revenue growth of 100.83% in Q3 2023 compared to the previous quarter.

However, the InvestingPro Tips highlight some concerns: Volcon operates with a significant debt burden and may have trouble making interest payments on its debt, which is a red flag for potential investors. Moreover, the company's stock has experienced substantial volatility, with a price total return of -99.77% over the last year, which could be indicative of the high-risk nature of investing in this nascent sector.

For investors looking for a deeper dive into Volcon Inc.'s financials and future prospects, InvestingPro offers a suite of additional tips and insights. There are currently 21 additional InvestingPro Tips available for Volcon, which can provide a more comprehensive understanding of the company's position in the electric power sports industry. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.

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