OX Delivers Breaks Records with Q1 Earnings, Expands Transformative EV Operations in Rwanda
OX Delivers, an innovative e-mobility startup, is transforming B2B goods transportation in the Global South with a record-breaking financial performance in Q1. The company earned $262,000 in revenue and scaled its electric vehicle (EV) operations in Rwanda within the first quarter.
From January to March 2024, OX Delivers completed 258 zero-emission journeys spanning over 18,000km and transformed transportation in Rwanda. The company provided efficient, affordable transport-as-a-service, boosting local economies by swiftly and reliably delivering goods to market.
Since launching in Rwanda in 2021, demand for OX Delivers' services has surged, supporting over 4,000 customers, including the Bank of Rwanda and numerous smallholder farmers and traders. Remarkably, 80% of the orders are from repeat customers, underscoring the high satisfaction and continuous need for their services.
Simon Davis, the Founder & CEO, stated, "2024 marks a significant year for us as we expand in Rwanda and introduce our next-generation electric truck." This expansion is not just about growth but enhancing the economic capabilities of customers by linking them to new markets, showcasing the transformative power of the OX Delivers model.
The company is pioneering in the sector with no direct competitors, positioning itself to serve millions potentially. In the UK, their 20-person team is advancing the design and manufacturing of the innovative next-generation electric truck. This new model includes enhanced visibility, a better driving position, and significant chassis improvements, all inspired by driver feedback from Rwanda.
For under $1, OX Delivers enables customers to transport goods across challenging terrains in the Global South. This cost-effective and swift service turns what used to be days-long journeys by foot or bicycle into a matter of hours, helping farmers and traders reach farther markets where they can fetch higher prices and tap into new opportunities.
OX Delivers' transport-as-a-service model charges customers only for the space they use on a kilogram-per-kilometre basis, accessible easily via an app or a toll-free number.
The company also pays homage to its origins with the OX Truck, initially designed by Professor Gordon Murray in 2016 as the world’s first flat-pack truck and the first vehicle explicitly made for Africa in four decades. Today, it is transformed into the first purpose-designed electric truck for the Global South, offering a ten-times cheaper running cost than existing alternatives.
OX Delivers is developing its next-generation electric truck, featuring key upgrades and a proprietary vehicle control unit for optimal electric powertrain management. The Company is committed to extending its transformative transport services across the Global South, starting with Africa, and aims to reach three billion people lacking affordable, sustainable transport options.