It's been pretty crazy in the industry (and the world) these last few months and we’ve got a lot of updates for you!
When I initially developed Split Belt, it came to market as an aftermarket product that we could sell online. This really helped us prove out the concept, the actual need or demand, and the performance of the drive.
The next stage was always to move on towards business to business sales, which means actually getting our components used on new vehicles, which was a major focus this summer.
Coming into the fall here is really getting bike, electric scooter, and electric motorcycle brands onboard. We recently held an investor update webinar which highlighted what’s been happening during our third quarter where I go into more detail on this subject.
Original Equipment Manufacturer Partners
We currently have nine OEM’s that we already have deals with, and about five more potential partners that are very likely to place an order this year alone.
Next year I believe that we can start moving into the larger brands that take a little bit longer to get the deals together, and we’ll be focusing a lot more attention on them.
We will continue to keep partnering with the smaller, medium sized brands that take less time to onboard than the larger companies. Our target for next year is getting at least 20 additional signed deals, which is looking promising for us as we already have over 20 companies we are talking to.
Veer’s Product Development
We haven't launched it yet, but we have been developing a multi-speed belt drive for the past year and hitting major development milestones on that in the last quarter. The multi-speed drive gives you the ability to natively shift gears without a separate system. This really improves your performance and lowers overall cost for OEM’s.
When you’re riding a bike and you come to a hill, you want to shift gears. For me, that was a big part of starting the company. We are developing this product that can actually shift in the belt drive and we've been testing and riding it around, which has been super satisfying for me personally.
The installation tooling for factories is also extremely important. We’ve been developing this automatic tool that is easily integrated into assembly lines, and it will mount up the belt for you in less than a minute.
We’ve also been partnering with other component manufacturers to in a way, bundle our components together to make integration and design even easier for partners. Partnering with these manufacturers also expands our sales leads as they recommend us to their customers as well. As an example, we started working with FSA, one of the largest component manufacturers in the bike industry to bundle our products with theirs.
Plans for Partnering with Suppliers Overseas
We already have multiple manufacturing partners for the different things that we make. Most of our production, especially the belt production is done in the US, but we found it really important to make sure that we have multiple sources of our different machined parts.
We are always looking to try and lower the cost and make it more accessible to people while maintaining high quality with an ethical production environment.
So that's been a big part of what I've done, the actual sourcing. It's a very large job by itself, while making sure that we have both affordable and quality supply. We also have a diverse supply so that when unexpected things happen, like what’s going on right now with global shipping, we have somewhere else to buy our parts from.
Invest in Veer on StartEngine!
That wraps up our Q3 updates! We’ve been staying busy and hitting big milestones this year.
Until now, not everyone had the resources to come together and invest in a company like Veer.
We are thrilled to announce that there is still time to invest in our equity crowdfunding campaign that is live on StartEngine!
We look forward to crossing the finish line with you.