Vietnamese Electric Vehicle Startup Rebounds from Shark Bình’s Criticism, Secures $22 Million Funding: Manufacturing Thousands Monthly, Aiming for 50 Stores Nationwide

TechinAsia reports that Dat Bike, a Vietnamese electric motorcycle manufacturer, has successfully closed a $22 million Series B funding round. Led by FCC, a Japanese automotive parts supplier, and Rebright Partner, this round also saw participation from esteemed investors such as Jungle Ventures, Cathay Venture, and AiViet Venture.

Nguyen Ba Canh Son, founder of Dat Bike, revealed that the company has been collaborating with FCC for the past two and a half years. Both parties are now working more closely to develop a new electric motorcycle platform.

According to financial data collected by Tech in Asia from a domestic market analysis firm, Dat Bike achieved revenue of 168.5 billion VND (approximately $6.4 million) in 2024, nearly four times higher than the previous year. The company forecasts an 8–10 fold growth in 2025, projecting revenue of around 1.3 trillion VND ($51 million).

Dat Bike also reported positive EBITDA profitability starting last month, attributed to an improved material profit margin from 20% to 25%.

To expand its market presence, Dat Bike aims to increase its retail stores from the current 25 to 50 by the end of 2025 and to approximately 150 by the end of 2026. Of these, 40% will be company-operated, while the rest will be managed by dealers.

In terms of production, Dat Bike’s factory currently has a capacity of “several thousand units” per month, as shared by CEO Nguyen Ba Canh Son.

Dat Bike has been a focal point for Vietnamese investors in recent years. In the 2019 episode of Shark Tank Vietnam, Nguyen Ba Canh Son, a software engineer with Silicon Valley experience, pitched for $50,000 in exchange for 0.5% equity in his electric motorcycle company.

Despite being recognized as a “talented individual,” Son was rejected by investors, who harshly criticized his product as having “no chance” of competing with gasoline bikes on price or market appeal.

“I feel you’re falling into the startup trap of creating a product that society might not need, or one that’s nice to have but not essential,” remarked Shark Binh.

Despite the rejection, Dat Bike persisted in its vision of developing high-performance electric motorcycles, rather than focusing on low-cost models, in a market where gasoline bikes dominate 99% of Vietnam’s two-wheeler market.

The company’s first model, Weaver, was launched after founder Nguyen Ba Canh Son returned from Silicon Valley. Designed to match the power and speed of gasoline bikes, Weaver meets the practical needs of Vietnamese consumers.

Weaver was later certified by the Ministry of Transport as the first “Made in Vietnam” electric motorcycle to meet performance standards equivalent to gasoline bikes. Building on this foundation, Dat Bike introduced the Weaver 200, featuring an extended range and faster charging capabilities.

Following the Weaver series, Dat Bike launched three new electric motorcycle models: Quantum S1, S2, and S3, priced between 34.9 and 50.9 million VND. All three models offer long ranges—from 200 to 285 km per charge—targeting users seeking affordable alternatives to gasoline bikes.

The Quantum S1, priced at nearly 51 million VND, boasts a range of 285 km and a top speed of 100 km/h. The Quantum S2, starting at 42.9 million VND, offers a 265 km range per charge. The Quantum S3, the most affordable option at 34.9 million VND, provides a range of approximately 200 km.

All models are domestically designed, equipped with 6,000–7,000W motors, disc brakes, and fast-charging support. With this product lineup, Dat Bike is expanding its reach to a broader audience, as the demand for transitioning from gasoline to electric motorcycles in Vietnam continues to rise in recent years.