Okxe, a Vietnam-based marketplace for used and new motorcycles, has teamed up with China-based electric-motorcycle manufacturer Yadea to open the latter’s first Vietnamese store.
As part of the deal, Okxe has become a distributor of Yadea’s electric motorcycles in Vietnam. Last year, Okxe entered into a similar agreement with automaker VinFast to offer the latter’s electric motorcycles through an online-merge-offline model — a marketing strategy combining physical and digital channels.
The new Yadea store, located in Hanoi’s Tay Ho Ward, features a showroom, test-ride experience centre and community hub, VnEconomy reports. Okxe said that its collaboration with electric motorcycle manufacturers is part of a strategy to build a “green vehicles ecosystem” in Vietnam.
Vietnam has the highest rate of per capita motorcycle ownership in the world, and the adoption rate for electric motorcycles in the country is growing by around 30% a year — largely driven by younger consumers — according to the Vietnam Association of Motorcycle Manufacturers.
Yadea — whose market share in electric motorcycles in Vietnam is 8.6%, ranking it fourth, according to a study conducted by Kirin Capital — is the world’s biggest electric motorcycle brand by sales: Last year, it sold 100 million units, according to Frost & Sullivan data.
Founded in 2018 by CEO Wooseok Kim, Okxe says its app has been downloaded 8.2 million times to date and that it collaborates with 2,130 dealers and has 1.5 million active users. In July, it raised KRW20 billion ($13.8 million) in Series A funding.
