A warm season greetings from us at Envo to all of you amazing partners.
We want to express our heartfelt thank you for your continuous business partnership this year.
2023 has been a challenging year in our Micro E-Mobility industry for 3 reasons:
- Continuation of Post Covid Over Supply
Emergence of 100s new and inexperienced supplier brands in North American market
China factory direct offerings focusing on replacing Europe's lost market with NA
which caused severe competition and deep discount offerings.
We believe the supply and crowded competition situation has begun to ease off.
There is not as much over stock or over supply as before. Also, the current dynamic forces in our industry are making it un-breathable for the majority of the recent entrants, causing them to leave this line of business, and this exodus will continue in 2024.
However, the low price and deep discounts offerings by Chinese factory direct condition will need more time to normalize, as a result of rationalized financial performance and customer experience forces.
During this difficult year, and under the fierce competition, Envo has thrived to solidify its presence.
Quality enhancement and UL certifications across portfolio
New and Innovative products beyond 2 wheelers
Enhanced B2B Programs
Creative marketing initiatives
Stable and healthy Financial conditions
Being recognized as of fastest technology growing companies in North America by Deloitte
All of which equipped us to target aggressive growth in the upcoming year, together with all of you as our crucial partners