Technology drives the growth of new Torrot. A brand that is now 70 years old, Torrot Electric was acquired in 2015 by Iván Contreras who introduced two vanguard business drivers, connectivity and vehicles sustainability – also called platforms- which have their own hardware and software development. Torrot is now a new company that closed 2017 with a turnover of 39.3 million euros, which represents an increase of 171 percent compared to 2016 (14.5 million euros). Only in the first half of 2017, Torrot exceeded the total turnover of the previous year reaching 21 million at the end of the first half (June 30).
Another financial indicator of the Company that stands out is the EBITDA. Torrot has a chain of positive EBITDAs from April 2017 until this year’s close with a positive EBITDA of 0.9 million euros, something unusual in a technology company that has been reborn with a new business model, registering a remarkable growth in just one year but still in an initial phase of development.
The founder of the new Torrot, Iván Contreras, affirms: "We have created a new company that offers high-level technological devices, sustainable and interconnected mobility platforms. The financial indicators of the Company show that we have taken the right path. It is unusual that a newly founded technology company with such significant growth in such a short time has even obtained a positive EBITDA in just a two-year activity.
Torrot is gaining momentum and the key is in its technology. Contreras understands vehicles as high-level technological devices, as platforms for sustainable, personal and interconnected mobility. Torrot develops its own hardware and software to connect the electric motorcycles to the user via smartphone to obtain data both from the vehicle itself and from the environment through which it circulates.
Torrot Tech, a fast growing business area In this line, Torrot Tech’s performance in just one year and its impact on results at the end of year 2017 are noteworthy. In a year since its creation, Torrot Tech, the business area that carries out technological developments for the improvement of the platform’s performance had a turnover of 2.09 million in 2017, 5.3 percent of the 39.3 million Company’s income. Both hardware and software elements figure among Torrot Tech’s most outstanding technological developments. On-board units (OBU) stand out amongst the former, an intelligent dashboard with communications via CANBUS (Controller Area Network, a connection protocol that supports all the automotive electronics), a motherboard that communicates with a single cable configurable via Bluetooth, and the batteries wich transmit vehicle information themselves.
Furthermore, Torrot develops its own software, allowing vehicle-user interconnection through the display of the OBU and the apps (Muvi and Torrot Kids), also created by the company, free for smartphones and available for android and iOs. Thanks to this software, Torrot has advanced systems such as remote diagnostics, battery consumption indicators that are managed by means of the mobile phone application or the wireless parental control (very useful for certain vehicles such as the Kids range, from three to ten years). In addition, Torrot vehicles have a built-in emergency e-call system and are connected to customer support when they detect complications.
Sustainability, with the electric motor, and personal connectivity, with the elements described above, has placed Torrot Electric as one of the world leaders in its sphere of activity. In this way, Torrot increased its manufacturing figure by 106 percent, reaching 9,902 manufactured units between bicycles and electric motorcycles, compared to the 4,800 vehicles produced in 2016. More than 85 percent of that figure was destined to foreign markets, in which there is an interest already. Torrot has a network of 1,500 internal and external distributors, deployed in more than 70 countries around the world.
Contreras states: "Our business strategy, based on sustainable and interconnected mobility, is advancing with the wind favorable to an increasingly restrictive legislation regarding contaminating vehicles, together with a day-to-day interconnected society. Thanks to the electric motor, our company responds to a growing social demand and a legislation that demands cleaner and less noisy cities. In addition, via our own technological developments, our vehicles are used as platforms that communicate with the rider and their environment. We are pioneers in Spain and this is the way forward. "
In 2017, Torrot had nine models of sustainable, personal and interconnected mobility platforms, among which the Muvi remains as the best-selling electric bike, with more than 3,200 units manufactured in 2017. Torrot closed 2017 with 1,638 units registered in Spain, 63.7 percent of the total, according to data from AEDIVE, the Spanish electric vehicle manufacturers Association. Torrot has a high demand for its Muvi model from fleets of “last mile” and motosharing delivery companies. In Spain, Torrot has sold fleets for this motosharing service in twelve cities. Outside of Spain, the Muvi can be seen in the streets of Brussels, Berlin, or Düsseldorf, among others. Currently, Torrot finds itself in full expansion in the United States, a country where the city of Atlanta has been chosen as the first one to receive the Muvi. Contreras signed up the NBA basketball player Ricky Rubio in December as world wide brand ambassador Moreover, the Company announced last week that it is entering the paddock as the official sponsor for the 2018 Formula E World Championship.
Three new platforms for personal, sustainable and interconnected mobility for 2018
In 2018, Torrot will continue to grow, adding three more models to the nine it produced in 2017: the Velocipede, a three-wheeled electric vehicle that will be manufactured in two models, the Cargo (with a top-box behind to transport objects and a fleet-type vehicle for courier-type delivery of food or any other product) and the two-seater, which can carry two people, is covered, and doesn’t require placing the feet on the floor or a seat belt.
Additionally, the Company has just launched the Movak model, an urban all-road bike, with technology and features that allow it to drive both in the city and countryside. Torrot has also integrated the electric motor and connectivity to its GasGas subsidiary. Thus, in January the GasGas TXE reached the market after testing its electric motor’s reliability in the first edition of the TrialE Cup 2017, the first World Trial Championship with electric motorcycles. Torrot has invested two million euros in equipping the Salt factory with the technological developments and Industry 4.0 elements needed to implement the electric motor and the on-board computer with all its developments, which connects it both to the pilot and their environment.
Additionally, Torrot is currently immersed in remodelling and introducing cutting-edge technology in its 6,000 m2 new factory in the Zona Franca de Cádiz, involving a 12-million-euro investment
Torrot is the only Spanish industrial technology company that makes electric and connected vehicles. With a history that dates back to 1948, it was re-founded in 2015 by its current CEO, Iván Contreras, who strategically shifted the company towards sustainable and interconnected personal mobility. At the end of that same year, Torrot acquired GasGas, its current subsidiary of enduro and off-road trial motorcycles. Torrot has 150 employees, exports more than 90 percent of its production internationally and has a commercial presence in more than 30 countries around the world. Torrot operates a factory in Spain and is finalizing the start-up of a second factory that will be located in Cádiz, scheduled for the end of 2018, with an investment of approximately 12 million euros.