In January 2023, Scorpio raised another US$6.75 million ($9 million) to develop and test its first electric motorcycle, the Scorpio Electric X1. These funds will be used to manufacture the first batch of X1 pre-production prototypes, while mass production and global deliveries have commenced since 1H2023.
EuroSports Global, once a purveyor of luxury automobiles like Lamborghini and Alfa Romeo, is pivoting sharply in response to the burgeoning electric vehicle (EV) market. The company has ventured into its own line of EVs, capitalising on the growing demand for sustainable transportation solutions.
In November 2020, it raised US$6.3 million to form Scorpio Electric (Scorpio). Without disclosing the investors’ identities, the funds were used to develop the brand’s software and hardware for its first electric motorcycle. It was slated to launch in 2021 but the pandemic hit, and Scorpio faced production delays.
