Zapp Electric Vehicles (NASDAQ: ZAPP) stock soared during intraday trading Thursday following the release of its financial results for the first half of fiscal year 2024 and an upward revision of its business outlook.
Zapp Electric Vehicles has reported an IFRS net loss of $5 million for the first half of 2024, an improvement from the $8.6 million loss reported for the same period in 2023. The company also recorded an operating loss of $3.1 million, down from $3.9 million in the previous year.
In addition, Zapp outlined its strategic roadmap for the future. The company expects to deliver its first i300 electric scooters to customers in the fourth quarter of 2024 and aims to sell over 5,000 units in fiscal 2025. Looking further ahead, Zapp plans to ramp up production significantly, targeting annual deliveries of 25,000 units starting in fiscal 2026.
Swin Chatsuwan, CEO of Zapp EV, said,
“The distinctive look of the i300 is also a fit-for-purpose form factor. Of an estimated $130 billion and growing in two-wheelers sold globally, we see a large, underserved category of consumers that want superbike specifications but still need the maneuverability of a step-through for the city streets where they spend the most time. After first deliveries of i300 to customers in Europe and Thailand this summer, we expect to scale rapidly in Southeast Asia and India where urban mobility on two wheels is essential.”
Zapp Electric Vehicles (NASDAQ: ZAPP) Stock Movement
On Thursday, ZAPP stock surged 73.53%, closing at $2.36, marking a 230.07% increase for the week. The trading volume was 91,493,096 shares, significantly higher than the average daily volume of 2.62 million.
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