GARLAND, Texas - Massimo Group (NASDAQ: MAMO), a manufacturer and distributor of powersports vehicles, announced today the introduction of its MVR Series electric carts. The series includes the MVR 2X Golf Cart and the MVR Cargo Max Utility Cart, designed to meet the increasing demand for eco-friendly, versatile low-speed electric vehicles (LSVs) for both recreational and professional use.
The MVR 2X Golf Cart, targeting families and golf enthusiasts, offers a 48V 5kW motor, 12 inches of ground clearance, and oversized 23-inch all-terrain tires. It features a convertible rear-facing seat, custom-stitched marine-grade vinyl seats, LEOCH Sealed AGM Batteries capable of up to 45 miles per charge, and an 800-pound load capacity. Safety is enhanced with a full LED light package and rearview camera.
The MVR Cargo Max Utility Cart is built for heavy-duty work and is ideal for groundskeepers and farms. It includes a powerful 48V 5kW motor, a 13+ cubic foot hydraulic dumping cargo bed, oversized 14-inch wheels for better traction, and an 1100-pound load capacity. The cargo cart also comes with custom-stitched marine-grade vinyl seats with ergonomic armrests and LEOCH Sealed AGM Batteries, providing up to 45 miles on a single charge.
David Shan, Founder, Chairman & CEO of Massimo, believes that the MVR Series will strategically position the company in the expanding market for LSVs and drive significant growth. Massimo's network of over 2,800 partner dealerships nationwide is expected to facilitate broad customer access to the new series.
The launch of the MVR Series is part of Massimo's ongoing efforts to offer sustainable transportation solutions. The company's 376,000 square foot factory located in Garland, Texas, supports its dedication to innovation and customer-focused design.
This announcement is based on a press release statement and contains forward-looking statements subject to various conditions. Massimo has indicated no obligation to update these statements following the date of this release.
In other recent news, Massimo Group reported a substantial increase in annual revenue, with a growth of 32% and 38% for its motor and marine product lines respectively. This financial boost follows the expansion of its manufacturing facility in Garland, Texas. The company also recently introduced the GKD 350 All-Terrain Go Kart, a product designed based on customer feedback. In addition, Massimo Group announced plans to install a new automated vehicle assembly robot line at its Garland factory, anticipated to improve assembly efficiency by 50%.
Massimo Group has expanded its retail partnership with Rural King, a prominent farm and home store chain in the United States. This move is expected to enhance Massimo's market presence and meet the increasing consumer demand for versatile and reliable powersports vehicles. The company also showcased its range of vehicles at the Equip Exposition in Louisville, Kentucky, attracting significant interest from attendees.
Furthermore, Massimo Group has been actively broadening its distribution network, entering agreements with Fleet Farm and securing a national agreement to sell two of its youth series products in over 1,300 stores across 13 states. These are among the recent developments in the company's operations.
InvestingPro Insights
Massimo Group's (NASDAQ: MAMO) launch of the MVR Series electric carts aligns with its strong financial performance and market position. According to InvestingPro data, the company has demonstrated impressive revenue growth of 30.14% over the last twelve months as of Q3 2023, indicating a robust demand for its products. This growth trajectory supports the company's expansion into the eco-friendly low-speed electric vehicle (LSV) market.
The company's profitability is also noteworthy, with a gross profit margin of 31.4% and an operating income margin of 9.61% for the same period. These figures suggest that Massimo is well-positioned to invest in new product lines like the MVR Series while maintaining financial health.
InvestingPro Tips highlight that Massimo operates with a moderate level of debt and that its cash flows can sufficiently cover interest payments. This financial stability provides the company with the flexibility to pursue growth opportunities in the expanding LSV market.
It's worth noting that while Massimo has seen a significant return over the last week (12.2%), the stock has fared poorly over the last month (-17.86%). This volatility aligns with another InvestingPro Tip indicating that the stock generally trades with high price volatility, which potential investors should consider.
For those interested in a deeper analysis, InvestingPro offers 8 additional tips for Massimo Group, providing a more comprehensive view of the company's financial health and market position.
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