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VIVIC Corp. reports developments tied to its luxury yacht business, including yacht procurement, sales and leasing activity, operating results, and material agreements. Company announcements have described a shift toward revenue-generating luxury yacht sales after earlier pleasure-boat initiatives, with regional activities connected to yacht sourcing and customer access to luxury vessels.
Recurring news themes include financial performance updates, marketing and operating expansion, and collaboration activity around electric catamaran yachts and renewable smart electric yacht technology. Updates also address business risks associated with market conditions, regulation, supply chains, and execution of marine-industry agreements.
VIVIC Corp. (OTCQB: VIVC) has secured a significant US$2.2 million contract with ACEL Power Inc. for the supply of three electric yachts. The binding order, signed on January 29, 2025, includes models EV1-1, EV1-2, and EV58, with deliveries scheduled for completion in Q3 2025.
This contract follows VIVIC's earlier 2025 Electric Catamaran Yacht Joint Development Agreement with ACEL Power, focusing on developing new energy-electric yachts through enhanced product competitiveness. The collaboration aims to accelerate electric yacht development and foster industry innovation by leveraging both companies' technical expertise.
VIVIC Corp (OTCQB: VIVC) has announced a strategic Joint Development Agreement with ACEL Power Inc to develop renewable smart electric yachts. The collaboration focuses on creating electric catamaran yacht series including EV1, EV2, and EV58 models.
Under the agreement, VIVIC will handle yacht design, construction, and sales in Mainland China, Hong Kong, Macau, and Taiwan, while ACEL will manage electric propulsion systems development and sales in other regions. The jointly developed vessels will feature both VIVIC and Weiguan brand logos.
The partnership aims to enhance product competitiveness in the sustainable marine solutions market. ACEL's technology will enable the yachts to travel hundreds of kilometers on a single electric charge, with smart features for improved performance and efficiency. The first yacht delivery is scheduled for July 2025.
Vivic Corp. (OTCQB: VIVC), a leading provider of luxury yacht access, reported strong preliminary revenues exceeding $4.4 million for the first half of 2024. The company, which focused on luxury yacht sales in 2023, expects even stronger performance in the second half of 2024. Vivic is the exclusive distributor of Monte-Fino yachts in Asia and the Middle East, with non-exclusive distribution rights in other territories.
CEO Shang-Chiai Kung noted that sales growth exceeded expectations, attributing this to charter yacht operators' reliance on Vivic. The company's global headquarters is in Taiwan, strategically positioned for quick access to leading yacht builders. Vivic anticipates continued growth, with projections subject to revision based on current business conditions.