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Volcon Becomes Exclusive U.S. Distributor of Super Sonic (AODES) Golf Carts
NYSE - LSE
Volcon Becomes Exclusive U.S. Distributor of Super Sonic (AODES) Golf Carts
AUSTIN, TX / ACCESS Newswire / February 4, 2025 / On January 31, 2025, Volcon ePowersports ("Volcon") (NASDAQ:VLCN) signed an agreement to be the exclusive distributor of Super Sonic Company Limited ("Super Sonic"), a wholly owned subsidiary of ODES Industry (aka AODES), golf carts sold to original equipment manufacturers ("OEMs") in the United States. Super Sonic (AODES) manufactures their golf carts in Vietnam under their own brand, AODES. They are responsible for manufacturing the Volcon MN1 Adventurer and MN1 Tradesman as well as golf carts for other OEMs.
John Kim, Volcon's CEO, notes "We are excited for the opportunity to be the exclusive distributor of Super Sonic golf carts in the US. Super Sonic (AODES) has a strong history of golf cart sales in the US, which is why Volcon selected Super Sonic [AODES] to manufacture our golf carts. Their Vietnam manufacturing facility provides a competitive advantage due to lower tariffs for importing units compared to units coming from other Asian countries."
The Golf Cart industry is in a unique state that could be favorable to buyers. According to the US Census Bureau 114,000 golf carts valued at $450 million, were imported from China to the US in 2023*. Recently, the American Personal Transportation Vehicle Manufacturer Coalition filed a petition against certain low-speed personal transportation vehicles imported from China. The petition asserted that manufacturers who received foreign government subsidies were able to import vehicles from China at a lower cost than manufacturing in their home countries. This created unfair trade practices. The Department of Commerce reviewed Chinese manufacturers who sold such vehicles and determined that they were unfairly competing due to such government subsidies. As a result, countervailing duties and antidumping tariffs were assigned to Chinese manufacturers, which cumulatively range from 149% to 500% (depending on the manufacturer).
Volcon's secure relationship with Super Sonic (AODES) in Vietnam translates to golf carts being taxed at 2.5% as opposed to up to 500% for units from China. This leaves a potentially large opportunity to sell more units to dealers and big box retailers such as Lowes, Home Depot, Tractor Supply, and Bass Pro Shop-all of which source their golf carts from Chinese manufacturers. A more detailed summary can be found in Volcon's Golf Cart Tariff overview below.
Further, Mr. Kim states "Super Sonic (AODES) is also developing new designs that could result in new models that would be unique compared to current golf cart designs. Although not yet ready for production, the design could revolutionize the future of golf cart performance, style, and comfort."
This distribution agreement is included in Form 8-K filed by the Company on the SEC's website, www.sec.gov.
Link to Company video
https://www.youtube.com/watch?v=_tsrwY7g-b8
Link to SCMP article
Link to Golf Cart Tariff overview
*accessed through S&P Global Trade Atlas (Harmonized Tariff Schedule of the United States subheading 8703.10.5030), 2023.
About Volcon
Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.
Volcon's vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. The Brat is Volcon's first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. In 2024, Volcon entered the rapidly expanding LUV and UTV market and shipped its first production MN1 unit in October 2024. The new MN1 and HF1 products empower the driver to explore the outdoors in a new and unique way that gas-powered units cannot. They offer the same thrilling performance of a standard LUV / UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.
Volcon Contacts
For Media: [email protected]
For Dealers: [email protected]
For Investors: [email protected]
For Marketing: [email protected]
For more information on Volcon or to learn more about its complete eBike, motorcycle and side-by-side line-up, visit: www.volcon.com
Forward-Looking Statements
Some of the statements in this release referenced in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, how many Super Sonic units Volcon will sell, whether tariffs on imports from Vietnam will remain lower than other Asia countries, whether Super Sonic will be able to develop new models and how the new models will compare to existing models. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov.
SOURCE: Volcon, Inc.
View the original press release on ACCESS Newswire
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