EuroSports Global, which is trying to diversify from its original business of distributing luxury cars into manufacturing of electric motorcycles, says its subsidiary Scorpio Electric has received a conditional "vehicle type approval" for its product the Lamda Scorpii from the Land Transport Authority of Singapore.
"This milestone clearance marks a definitive step toward mass production scaling and commercial road readiness.
"The approval code issued by LTA formally permits the registration of the Lambda Scorpii in Singapore, paving the way for the premium electric motorcycle to hit local roads in the near future," says Scorpio Electric.
Joshua Goh, CEO of Scorpio Electric, calls this a "significant milestone" for the company.
"Securing LTA type approval validates Scorpio Electric’s rigorous engineering standards to create the Lambda Scorpii. This milestone brings us one step closer to delivering a unique and exhilarating urban mobility experience to riders in Singapore, and all over the world," he adds.
Further details regarding delivery timelines, final specifications, and test-ride bookings for the Lambda Scorpii will be announced later on, the company says.
See also: Electric vehicle outlook sinks as US withdraws policy support
On May 25, EuroSports Global says it plans to raise $1.99 million by placing out 26.5 million new shares at 7.5 cents each.
The shares will be sold to another car dealer Align Auto, beneficially owned by one Kuah Zi’En and HRT Corporation.
At 7.5 cents, the placement price is 100% premium over EuroSports' then last traded price of 3.74 cents before the placement announcement.
Eurosports Global shares as at 4.43 pm gained 14.71% to change hands at 7.8 cents. It is up 95% year to date.
