OX Delivers electric revenue figures with best quarter yet

OX Delivers, the e-mobility start-up dedicated to revolutionising b2b goods transport across the Global South, has delivered its strongest Q1 financial performance to date. The company generated $262,000 revenue in the first three months of the year, as well as scaling EV operations in Rwanda.

During the first three months of 2024, the OX Delivers completed 258 zero tail-pipe emission journeys covering more than 18,000km, providing reliable, affordable transport-as-a-service and transforming the lives of thousands of people in Rwanda by delivering their produce to market in a highly efficient manner.

Demand has completely exceeded expectations since the start of service operations in Rwanda in 2021. Today, OX Delivers supports more than 4000 customers, ranging from the Bank of Rwanda to smallholder farmers and traders. 80 per cent of orders come from repeat customers.

Simon Davis, Founder & CEO of OX Delivers commented: “2024 is an exciting year for OX Delivers as we continue to scale our operations in Rwanda and launch our next-generation electric truck.

OX Delivers is enabling our customers to 10X their businesses by connecting them to new markets. This transformative impact shows the power of the OX Delivers approach and will enable us to truly change the way Africa does business.

This proves the OX Delivers business model designed to enable entrepreneurs to get their goods to market. With no direct competitors in this field, OX Delivers has the potential to expand its offer to service millions of customers.

In the UK, our 20-strong design and manufacturing team has started the prototype build of our next-generation electric truck. The truck features design updates, including an improved driving position, greater operator visibility, and significant chassis improvements based on real-world feedback from our drivers in Rwanda.”

For less than $1, an OX Delivers customer can transport a sack of goods to market across challenging terrain typical of the Global South. Efficiently and sustainably completing the task in a matter of hours instead of days by foot or bicycle, the OX Delivers transport-as-a-service model enables farmers and traders to access larger markets further from home, where prices are higher, and new opportunities are available. This creates a self-reinforcing cycle of economic and social growth within local communities across the Global South.

With OX Delivers’ unique transport-as-a-service business model, customers pay only for the space they need on a kilogram-per-kilometre basis. The service is easily accessible via an app or toll-free number.

The original OX Truck, designed by Professor Gordon Murray in 2016, was the world’s first flat-pack truck and the first vehicle designed specifically for Africa in 40 years. The OX Delivers team has re-designed the truck, transforming it into the first purpose-designed electric truck for the Global South. The vehicle is 10x cheaper to run than all existing alternatives and will transform transport services across the continent.

The OX Delivers team is developing the next-generation electric truck, which features design updates, including improved driving position, greater operator visibility and significant chassis improvements. OX Delivers has also developed a proprietary vehicle control unit enabling the creation of advanced software for more efficient control of the electric powertrain. Full technical details of the next-generation truck will be announced in due course.

The company is dedicated to expanding the rollout of its transport-as-a-service offering across the Global South, beginning on the African continent. With the introduction of the next-generation truck later this year, OX Delivers will continue scaling its impact across East Africa and beyond, targeting three billion people in developing countries without access to affordable, sustainable transport.