EuroSports’ Scorpio Electric cuts staff amid e-bike delivery woes
In the Asia-Pacific region, the EV startup has opened pre-orders in Singapore
SCORPIO Electric, a Singapore-based maker of e-motorcycles, recently conducted a round of layoffs, sources told Tech in Asia. The timing and number of affected staff, however, could not be determined.
In an e-mail to Tech in Asia, the electric vehicle (EV) startup confirmed the retrenchment, stating that it is “right-sizing to streamline operations” and focusing on the “start of production” to deliver its first e-bike later this year.
The e-mail also suggested that X1, Scorpio Electric’s first model, will be rebranded.
Ongoing delays
The EV startup was launched in 2017 by EuroSports Global (ESG), a Singapore Exchange-listed distributor of ultra-luxury cars.
Scorpio Electric began taking pre-orders for the X1 in October 2021. But it eventually delayed the launch twice, initially to the second half of 2023 then to late 2024.
In January, Scorpio Electric told Tech in Asia via e-mail that it had yet to start delivering its bikes, saying that it was in the “final stages” of ensuring its flagship model met international automotive standards and quality before reaching customers.
While most two-wheeler EV startups in South-east Asia focus on the region, Scorpio Electric has been eyeing international markets, especially Europe. In April 2023, it partnered with distributors in four European countries, including Spain and Portugal. The X1 model was also showcased at the Milan Motorcycle Show in Italy in November 2023.
In the Asia-Pacific region, Scorpio Electric has opened pre-orders in Singapore. The company is also targeting Japan and the Philippines.
Positioned as a premium model, the startup’s e-motorcycle is priced at US$9,800, with a US$1,000 deposit for pre-orders. In Europe, the price is slightly higher at 10,000 euros (about US$10,872).
Since Scorpio Electric has yet to sell any e-bikes, its revenue remains minimal. In the financial year ending (FYE) March 2023, it generated just US$1,080, a 44 per cent drop from the previous year.
At the same time, the company’s losses grew by over 15 per cent to S$3.3 million (US$2.4 million) in FYE 2023. Its FYE 2024 financials weren’t available on the Accounting and Corporate Regulatory Authority website, but its parent firm ESG allocated a loss of S$1.2 million to its subsidiary Scorpio Electric, as per its annual investor report.
ESG holds a 74.02 per cent stake in its subsidiary, suggesting that Scorpio Electric’s total losses are likely higher.
While ESG is Scorpio Electric’s largest shareholder, its biggest investor is Su Lin Investment Corporation. According to Alternatives.pe, which sources data from company filings, Su Lin Investment previously poured US$10 million into the startup.
Scorpio Electric has raised US$15.7 million to date. It secured US$6.75 million via its most recent funding round in January 2023 at a valuation of US$150 million. At the time, this valuation was questionable as it exceeded that of other EV startups that had launched and delivered bikes to customers. TECH IN ASIA
