Electric vehicle (EV) maker Volcon Inc. (VLCN:NASDAQ), which claims to be the world's first all-electric, off-road powersports company, today announced that since it first began accepting orders from its dealers on June 27, 2022, it has received thousands of pre-production orders for its all-wheel drive Stag model EV. The firm's Stag offers class-leading 125 hp and 265 lb-ft of torque providing drivers with an unmatched off-road acceleration and an exhilarating driving experience.
Volcon advised the pre-production orders from its dealers are non-binding but if realized would generate over $70 million in revenue after deliveries are made. The company listed that the Stag vehicle has a MSRP of $39,999. The firm stated that it required its dealers to submit purchase orders directly through Volcon's sales reps and that it will continue to accept orders for 2023 models until production is sold out. After that, additional orders will be added to a waitlist.
Volcon's CEO Jordan Davis stated, "We made a conservative estimate concerning sales volumes, having worked closely with our sales and marketing team to identify sales targets for 2023. While we felt confident in our ability to reach our pre-order targets, we've been pleasantly surprised to find we are achieving those targets at a faster pace than we had planned."
"Dealer acceptance has been strong, and it's clear to us that the powersports community is ready for high performing electric off-road vehicles. The Stag fulfills that desire perfectly," CEO Davis added.
The firm indicated that based upon the market reaction and much greater than expected number of pre-orders that it has received for its all-electric STAG off-road vehicles, it is actively working for ways to boost existing production capabilities and address supply chain constraints. The company noted that the actual economic viability of potential solutions remains unclear at present.
The company's Co-Founder and Chief Technology Officer Christian Okonsky commented, "The Stag has always been core to the vision of what Volcon could become. That vision has become a reality with the launch this past week."
Okonsky continued, "The excitement around the Stag has been awesome to watch, and the dealer interest, via their pre-orders, supports the efforts we have made to design and engineer the Stag and build our brand. This is all the more reason for us to continue to pursue leading edge technology solutions by partnering with reputable suppliers, whether it be in drive trains, suspension components, or tires."
Volcon Inc. is based in Round Rock, Texas and claimed that it is "the first all-electric powersports company producing high-quality off-road vehicles." The firm noted that the area where it is located is near Austin, Texas which is on pace to becoming the EV capital of the world. Volcon is focused on designing and building fun to drive EVs for a wide range of outdoor uses including off-roading, hunting and farming. The company sells its electric two and four-wheel motorcycles and utility terrain vehicles through a network of distributors and dealers.
Volcon started off the day with a market cap of around $38.9 million with approximately 24.3 million shares outstanding. VLCN shares opened relatively unchanged today at $1.61 (+$0.01, +0.625%) over Friday's $1.60 closing price. The stock has traded today between $1.56 and $2.56 per share and is currently trading at $2.36 (+$0.76, +47.50%).
Cover image courtesy of Volcon Inc.
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