Energica has big goals for 2020, including finishing the year strong with an increase in US-based sales of its electric motorcycles.
And to help make that happen, the Italian motorcycle manufacturer is taking on additional funding from Westlake Financial Services.
The company plans to use that funding to help finance their U.S. dealer network, according to a recent press release.
Energica has over 70 dealers worldwide, with over half of those being activated in the last year alone.
In fact, 2020 has shown huge growth for Energica, who slingshotted into the year with the release of a new model line at the end of 2019 with over 40% more battery capacity.
That helped the company start the year strong with record-breaking sales.
Energica rushed to increase production to meet the demand, but was hit hard by the COVID-19 pandemic that ravaged Italy early in the year.
The company managed to recover quickly though and get their factory back online to continue production.
The speedy recovery helped Energica race towards even higher sales figures for 2020, with the company now expecting sales to almost double this year. Energica is also placing a large emphasis on expanding its US presence and sales.
As Stefano Benatti, CEO of Energica Motor Company Inc., the Energica subsidiary in the United States explained regarding the company’s new funding for US growth:
“Thanks to enormous consumer demand for the new Energica MY2020, U.S. retail sales are likely to almost double in 2020 versus the previous year. It’s become clear that our further expansion can best be supported with this kind of financial instrument, provided by so prominent a financial institution as Westlake Financial with over 50,000 automotive and motorcycle dealerships throughout the United States and over $3.0 billion in managed assets.”
The funding will be used in part to help more US dealerships keep a larger selection of inventory on the showroom floor, facilitating more test ride opportunities and potentially faster order fulfillment.
Energica isn’t only focusing on its high speed and high power electric motorcycles though. In addition to its 125-150 mph (200-240 km/h) electric motorcycles, the company is also working on lower-powered models.
We don’t have too many details on this urban-oriented electric motorcycle project yet, but we know that Energica has teamed up with Dell’Orto and already has prototypes being bench tested.
Could Energica’s increasing US presence soon be felt by American electric motorcycle heavyweights such as Zero Motorcycles and Harley-Davidson? Let’s hear your thoughts in the comment section below!
FTC: We use income earning auto affiliate links. More.
Comments