Segway Scooter Loss At Panmi Could Cost Them $25M

Sydney based distributor Panmi is facing a major decline in revenues with insiders telling ChannelNews that the loss of the Segway brand will be in excess of $25M.

On the front page of the Panmi web site the distributor is now flogging pet dryers in what appears to be a replacement offering to their Segway scooters.

Segway is the number one electric scooter brand in the world with the business reporting record sales in Australia.

In 2021 the operating revenue of Segway Ninebot rose by 135%, and has been rising ever since due to the demand for electric scooters.

At JB Hi Fi there are several Segway models ranged with the electric scooter category one of the most successful, despite legal limitations on electric scooters in several States.

The Chinese manufacturer has attributed the turnaround of their business from losses to profits due to their success with electric scooters.

The expansion of the electric scooter market, and the scaling up of their manufacturing operation for scooters as well as bi-wheeled vehicle, has led to the growth.

In Australia the new subsidiary who has yet to name a distributor, is set to launch new all-terrain vehicles which they are confident will lead to further growth. Also coming are Segway bikes for children.

The Chinese business who had lost confidence in Panmi and their management style is currently hiring personnel for their Australian operation.

At this stage it’s not known which distributor they will use to distribute their products in Australia.

George Saad the CEO of Pannmi has not returned our call.

George Saad CEO Panmi

ChannelNews has been told that Panmi is now trying to promote their house brand scooters as an alternative to the Segway offering. These models will have to compete with the likes of Red Bull scooters as well as Jeep and Ducati scooters from the iQU Group.

About Post Author

David Richards

David Richards has been writing about technology for more than 30 years. A former Fleet Street journalist, he wrote the Award Winning Series on the Federated Ships Painters + Dockers Union for the Bulletin that led to a Royal Commission. He is also a Logie Winner for Outstanding Contribution To TV Journalism with a story called The Werribee Affair. In 1997, he built the largest Australian technology media company and prior to that the third largest PR company that became the foundation company for Ogilvy PR. Today he writes about technology and the impact on both business and consumers.