Volcon made history as the first large-tire off-road electric motorcycle built in the United States. Now the company is also banking, in the form of an IPO on the Nasdaq under the symbol VLCN.
Volcon Powersports launched seemingly out of nowhere at the end of 2020, claiming it could build a whimsical, fun but reasonably priced big-tire electric motorcycle named Volcon Grunt. And they even said they would do it locally in Texas.
While naysayers claimed we were reviewing vaporware, Volcon actually delivered in less than a year. The first Volcon Grunt big-tire electric motorcycles started shipping last month, less than 11 months after the company unveiled the concept.
Now, a few weeks later, Volcon has already gone public on the Nasdaq, raising a bunch of money to expand its operations.
The company’s IPO valued the shares at $ 5.50, with the value of the demand shares rising to $ 9.01 at the opening Wednesday.
Prices fluctuated throughout the day, reaching at one point as high as $ 15.50. Ultimately, the trade ended with VLCN priced at $ 10.86, marking a 97% increase.
Many securities of electric vehicles have proven to be volatile, and IPOs have traditionally exhibited large swings as well. But electric two-wheeler companies heading to the Nasdaq have become a popular decision, with other major players such as Gogoro planning their own IPOs soon.
Much of what sets Volcon apart comes down to two things: a US-based assembly and broader electric sports ambitions.
The Texas-based company’s assembly lines are now in full swing after the start of Grunt’s shipments. The $ 7,995 electric motorcycle has seen its price increase along with slight drops in specs, but still offers 40 mph (64 km / h) off-road adventures for a much lower price than most other electric motorcycles. .
But the Grunt is far from the only vehicle Volcon plans to produce. The Grunt has a little brother in the form of the Volcon Runt, a miniature version of the Grunt designed for children and young teens.
For older kids (i.e. adults), Volcon has two UTVs in the works, the two-seater Stag and the four-seater Beast.
The Volcon Stag claims a top speed of 70 mph (112 mph), a range of 150 miles (240 km) and a maximum output of 225 horsepower (168 kW).
The larger beast increases speed to a claimed maximum of 80 mph (129 km / h), maintains the same range of 150 miles (240 km), but increases horsepower to 450 hp (336 kW).
UTVs are certainly impressive and their specs don’t disappoint either. But we’ll keep our judgment until we see real models on the road and not just computer renderings.
Four-wheeled UTVs are certainly more complicated to design and produce than two-wheeled electric motorcycles, but the off-road nature of the vehicles gives Volcon a head start.
The regulations are much more lax when the vehicles are not intended to be homologated on the road. Motorsports is also one of those paid industries where fun doesn’t come cheap. This means that customers are used to paying premium prices for gas UTVs, and the higher priced electric versions may not seem overpriced in comparison.
Companies like Polaris are also working on their own electric UTVs, although the cost has yet to be announced.
Volcon said in late 2020 that he planned to retail the Deer for $ 14,995 and the Beast for $ 24,995, although the Grunt is also expected to cost just $ 5,995 at the time, before recently increasing to $ 7,995. So take those nearly a year old price estimates with a grain of salt.
But with Volcon now filled with cash from their current IPO, these electric UTVs may be closer than we think.
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