It would appear that Volcon's financial requirements continue to be a challenge. The Texas based EPowersoports manufacturer implemented cost reduction strategies in September as it sought to improve its debt position. The company said it had agreed with its convertible noteholders to modify the terms of its convertible notes. The company says that its cost reduction strategies will "provide greater flexibility as it pushes toward the introduction of the first of its UTV models, the Stag, which the company expected to begin delivering in October." This was followed by a mid-October announcement of a 1-for-4 reverse stock split amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware.
Finland based electric motorcycle manufacturer Verge has appointed the developer of Apple and Tesla stores, respected business and retail visionary George Blankenship, as its new Chief Revenue Officer. With a career spanning more than 40 years, Blankenship has developed acclaimed retail strategies for world-renowned brands and will be responsible for developing Verge Motorcycles' customer interface and customer journey, as well as its global store strategy.
Independent of any regulatory investigation, it has been all systems stop for BMW Motorrad USA in September as it issued a North American 'Stop Sale' order to dealers in September for all new and used ICE units - following an "internal quality analysis." The cause remained uncertain as AMD went to press, but is believed to relate to a fuel system issue. This does not affect the new BMW CE04 electric bike.
Massimo Motor Sports LLC ("manufacturer of accessory-packed powersports vehicles") has appointed former Powersports Business Content Director and Volcon ePowersports Channel Marketing Manager Dave McMahon as chief media officer.
Massimo operates from a Garland, Texas ATV/UTV assembly facility of nearly 300,000 sq ft.
BRP (TSX: DOO, NASDAQ: DOOO) reported a record Q2 with revenues of CAN $2,778.0m, up +14%, with EBITDA of $473.1m (+13%). North American Powersports retail sales grew by +41%, outperforming the industry and achieving record market share highs for PWC, ATV and SSV. The quarter saw the launch of the all-new Can-Am Maverick R high-end SSV and announcement of more Can-Am SSV 4-seaters and entry-level models.
This summer, K&N Engineering appointed Craig Scanlon as CEO - replacing Randy Bays, who is taking up a board role. Scanlon brings 20+ years of leadership experience in automotive and performance powersports to K&N. He spent 18 years at Polaris, "where he played a pivotal role in building multi-billion-dollar businesses including the Polaris RZR and Polaris Ranger brands." He also spent four years as CEO of Transamerican Auto Parts. His love for racing, particularly off-road racing, has seen him compete in prestigious events like the BITD and SCORE series, culminating in his recent victory at this year’s San Felipe 250.
Alexander Buckan will take over from Edgar Heinrich as the new head of BMW Motorrad Design, effective January 1, 2024. Buckan will be responsible for the design of all BMW Group two-wheeled vehicles, rider equipment and accessories. Edgar Heinrich, who has been BMW Motorrad's Head of Design since 2012, is retiring after 35 years at the BMW Group. Buckan began his career at BMW Motorrad as a transportation designer back in 2003. Since then, he has been responsible for a variety of different models, including the F 800 GS, 450 X, R 1200 GS LC and R 1200 GS Adventure LC.
Sources: AMD, IDN, FT, Reuters, PSB, MPN, BDN, MCN, AP, Bloomberg, MSNW, Electrek, electricmotorcycles.news, RideApart.com, Motor1.com, Cycle World, motorbikewriter.com