Volcon surges on $100 mln pre-orders for fully electric UTV

Empery Digital

19/08/2022 16:26

** Shares of electric off-road vehicles company Volcon Inc
 VLCN.O  surge 47.8% to $2.73, highest since March
    ** VLCN says it has received more than $100 mln of
pre-production orders for its first electric Utility Terrain
Vehicle (UTV), the Stag, powered by General Motors  GM.N 
electric technology  urn:newsml:reuters.com:*:nACS3fwsRa
    ** VLCN says over 90% of the pre-production orders have come
from company's domestic and international dealer network
    ** "While pre-production orders have surpassed 2023
production targets, the company will begin planning the
expansion of its supply and production capabilities in
collaboration with General Motors, which may help to meet demand
in 2023 and beyond," says VLCN
    ** VLCN stock has fallen 74.7% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))