The brow-raising $150m valuation of SGX-listed firm’s EV brand

“From Singapore to the world,” says Scorpio Electric’s website, inviting people to place a pre-order for the X1, the firm’s flagship motorcycle.

“The bike has been in prototype stage for quite some time and we have a very clear roadmap of products that we want to launch in the coming years,” Julian Legazpi, chief commercial officer at Scorpio, tells Tech in Asia.

The company says that it will start delivery of the X1 in the second half of 2023. And while the pre-orders have been open on the company’s website since October 2021, there are no test rides available for the motorcycle till date.

However, “quite a few people have come into the experience center in Singapore and taken pictures with the bike we have here,” says the CCO.

While the firm didn’t disclose pre-order numbers when requested, it claims “the order book has been robust.” This “also affirms that we have correctly addressed the market demand.”

CEO Joshua Goh (left) with Melvin Goh, founder-adviser at Scorpio Electric / Photo credit: Scorpio Electric

Marketed as a premium product, the X1 is priced at a whopping US$9,800, with a deposit of US$1,000 for the pre-order.

It’s not just the price tag that’s brow-raising.

Previously known as EuroSports Technologies, Scorpio Electric announced it had raised US$6.75 million in January 2023. The firm said it was valued at US$150 million at the time, but it didn’t answer how it arrived at the valuation.

This number is particularly striking during a tech winter when startups across sectors are seeing their valuations trimmed. The US$150 million valuation also stands out considering the startup doesn’t have an electric motorcycle that can be tested on the roads yet.

In comparison, other e-bike makers in Southeast Asia are valued much lower. For instance, Singapore-based Ion Mobility has a valuation of US$19.8 million according to VentureCap Insights data. (Notably, VentureCap figures may not reflect recent funding updates). Similarly, Vietnamese EV maker Dat Bike is valued at US$32 million, also according to VentureCap Insights.

Both firms were founded in 2019, and Dat Bike also has a partnership with super app Gojek in Vietnam now.

Scorpio Electric was launched in 2017 but doesn’t have a motorcycle ready to ship or test yet. It has no prior experience in building for mobility either.

Neither does its parent firm, EuroSports Global (ESG), which is listed on the Singapore Exchange. A distributor of ultra-luxury cars, ESG also offers after-sales services for these automobiles.

A star-struck valuation?

Five years and still not on the road

Eyes on Europe, Asia Pacific