EZGO Technologies (EZGO) has released an update.
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EZGO Technologies Ltd. reported a 66.1% revenue increase to $8.6 million in the first half of 2024, driven by a surge in battery and battery pack sales, which rose by 2614.6%, despite a 76.7% plunge in e-bicycle unit sales. The company also saw an improvement in gross margin to 5.7% and a slight reduction in net loss to $4.7 million. These results come amidst intensified competition in e-bicycle markets and strategic shifts including the expansion of their lithium battery business and overseas market penetration.
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