Medigus says Revoltz completes production of first 50 PORTO EVs

Medigus announced that Revoltz Ltd, its EV joint venture, 19.9% owned by its subsidiary Fuel Doctor Holdings, completed its first production batch of 50 units of its micro-mobility electric vehicle, ‘PORTO’. The completion of production is a significant step in enabling Revoltz to prepare for shipment of units in accordance with the Agreement signed over the past year. During 2023, Revoltz and a premier distributor in Israel entered into the Agreement, worth $2.7 million in revenue, with the goal to steer the advanced PORTO EVs into Israel and adjacent territories. As part of the agreement, the Distributor has already purchased 50 PORTO units for the last-mile delivery market and is committed to purchasing a total of 150 vehicles in the first year of the Agreement. The five-year Agreement includes annual and scaling-up sales targets for each year. The Distributor will provide service and maintenance for the PORTO vehicles as part of the Agreement, ensuring high-quality support and longevity for customers focusing mainly on the local delivery market.