UBCO was founded on the idea of a Utility Electric Vehicle (UEV) that would transform the way people ride, work and play. Since it was established in 2015, UBCO has evolved into a digitally connected UEV platform including on and off road transport (2×2), portable power, accessories, and cloud-based software. Founded in New Zealand, UBCO can now be found in international markets including the United States and Australia.
UBCO launched its first UEV in its home market of New Zealand in 2016. The bike was named the 2x2 for the two hub motors in its front and rear wheels which enabled better traction and more torque in off road conditions. Initial production runs sold out quickly and UBCO established good credentials and a global following in this market. Along with the sale of UEVs, UBCO has also developed an eco-system of products and services that provide additional lifetime customer value; these include Portable Power, Accessories, and Software as a Service (SaaS) products.
By 2017, customers had indicated the desire for a road legal version of the 2x2. UBCO then launched the Dual-Purpose 2x2, built on the same chassis, but designed for road legal compliance within the United States and Europe.
UBCO has driven a contract manufacturing model with all components manufactured by specialised companies (i.e. batteries, drives, frames) due to the significantly different plant equipment, skills, and experience involved. The supply chain is global with key parts coming from the United States, New Zealand, United Kingdom, Taiwan and China.
UBCO currently sells products through distributors in 3 geographies: New Zealand, Australia and the United States. Each distributor sells to a network of UBCO-approved dealers. To date there are 91 dealers selling UBCO 2x2s and products. Within 5 years UBCO plans to grow its global presence, resulting in three geographical territories - North America (United States and Canada), Europe (EU, UK, Norway and Switzerland) and Australasia (Australia and New Zealand)
A cornerstone of UBCO's after sales support is their Dealer Training Program and the UBCO Distributor & Dealer Portal. Dealer training in the form of workshops and online content capped with accreditation ensures all dealers are equipped to both sell and service UBCO products.
There are two clear types of customers; end users (individuals) and business (fleet) customers who are drawn from varied application areas. In New Zealand the UBCO bike is used by the likes of Real Journeys, The Department of Conservation, and in the US, The Catalina Island Conservancy (California).
UBCO is largely focused on the North American off road adventure and utility markets which incorporates both 2 and 4 wheel vehicles ($12.7b USD / $19.2b NZD) alongside naturally competing in the on road market ($6.21b USD / $9.4b NZD).
Recreational usage includes hunting, camping, RV touring and recreational riding. Recreation is expected to be a key sector for UBCO especially in the United States, where 40% of the market is off road recreational. Commercial usage includes UBCO’s initial market of agriculture but has quickly grown to include commercial fleets for postal services, bike rental and sharing services, tourism, conservation, civic service operations and delivery operations.
UBCO's main competitors are grouped into on and off road electric vehicle manufacturers (e.g. Zero, Alta), incumbent combustion engine manufacturers (e.g. Honda, Yamaha, Polaris Industries etc) and manufacturers of sub-10kW portable power supplies (e.g. Goal Zero).
The UBCO 2x2 is the only vehicle of its type in production in NZ, AU, US and EU. The primary competitors are the mainstream brands which manufacture combustion engine vehicles (2 and 4 wheel). Consumers buy the UBCO product because of the design, quietness, safety, utility and simplicity, and also increasingly for sustainability reasons. The UBCO brand has positioned the product as an attractive option within the outdoor and adventure market in the US.
UBCO sales growth is primarily driven by increase in global dealer network selling the UBCO 2X2 Utility Bikes through US, AU, EU and NZ. The forecasts assume that up to $5m of capital is raised progressively over the next 12 months.
* Years are expressed as Financial Years April 1st to March 31st. Not calendar years. Figures 2016-2018 recorded as actual. 2019-2023 are expressed as prospective.
|Use of Shareholder Capital|
|Product R&D - Optimisation and Pipeline Realisation||26%
|Customer Acquisition, Service and Support||24%|
|Production Tooling and Other Capital Expenditure||18%|
|Human Resources - New Head Office FTEs||
|Other Operating Costs||
|Global Marketing Support||6%
|Total Capital Used||100%|
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