Selex Motors
Selex Motors is a Hanoi-based manufacturer of smart electric motorcycles and scooters that sells to Vietnamese consumers and commercial fleet operators, differentiated by an open, brand-neutral battery-swapping network now scaling nationwide through the VGX joint venture with state-owned Petrolimex.
- Company typePrivate
- Founded2018
- HeadquartersHanoi, Vietnam
- Headcount101–250
- GTM typeB2C
- OfferingHardware or Manufacturing
What Selex Motors does
Selex Motors (legal entity: Selex Smart Electric Vehicles JSC) is a Hanoi-based manufacturer of smart electric motorcycles and scooters, founded in 2018 to serve Vietnam's domestic two-wheeler market. The company designs and sells electric two-wheelers paired with a proprietary battery-swapping system, positioning the swap network — rather than the vehicle alone — as the core value driver. Selex explicitly operates its swap infrastructure as an open, brand-neutral network, meaning users of other EV brands can also exchange batteries at its stations.
The company's underlying technology combines an electric two-wheeler vehicle platform with physical battery-swapping stations and an interoperable network architecture. In May 2026, Selex formalized this infrastructure play through VGX, a joint venture with Vietnamese state-owned gas-station operator Petrolimex and Xuan Cau Holdings, which leverages Petrolimex's existing nationwide gas station footprint to deploy charging and battery-swap stations without requiring greenfield infrastructure investment. The battery-swapping model is designed to address range anxiety, reduce vehicle downtime for fleet operators, and lower upfront consumer costs by separating battery ownership from vehicle ownership.
Selex's business model combines hardware sales (electric two-wheelers to consumers and fleet operators) with recurring usage-based revenue from battery-swapping services. The company sells primarily to two segments — individual Vietnamese consumers motivated by fuel cost savings and environmental concerns, and commercial fleet operators (delivery, ride-hailing, logistics) requiring high uptime. Go-to-market is direct-to-consumer supplemented by direct fleet sales, with earned media and strategic partnership announcements (ADB Ventures, Schneider Electric, Petrolimex) serving as the primary marketing channels. Selex has raised approximately $5.45 million across three disclosed rounds (January 2022, November 2022, April 2023) and is positioned to benefit materially from Vietnam's regulatory ban on gasoline-powered motorcycles in central Hanoi districts beginning July 2026.
Selex Motors firmographics
Firmographics- Name
- Selex Motors
- Legal name
- Selex Smart Electric Vehicles JSC
- Website
- https://selex.vn
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Selex Motors is a Hanoi-based manufacturer of smart electric motorcycles and scooters that sells to Vietnamese consumers and commercial fleet operators, differentiated by an open, brand-neutral battery-swapping network now scaling nationwide through the VGX joint venture with state-owned Petrolimex.
- Ownership category
- akta.pro rank
Selex Motors industry classification
Industry- Product category
- Electric Two-Wheelers
- NAICS
- Motorcycle, Bicycle, and Parts Manufacturing (336991), Battery Manufacturing (33591), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632)
- SIC
- Motorcycles, Bicycles & Parts (3751), Services-Auto Rental & Leasing (No Drivers) (7510)
- akta.pro primary industry
- Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)
- akta.pro secondary industries
- E-scooters & E-mopeds Manufacturing (IMACAOAB), E-Mobility Batteries & Swappable Packs (Consumer) (CRACASAI), Shared Mopeds/Motorbike Share (TLAFAMAH), Battery Pack & Module Manufacturing (EV) (IMACACAA), Passenger Vehicle Leasing & Long-Term Rental (Cars/SUVs) (TLABAHAA)
Keywords
Where Selex Motors is headquartered
LocationHeadquarters
- HQ city
- Hanoi
- HQ country
- Vietnam
- HQ region
- Asia
Offices1 record
Markets served
Selex Motors business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Technology or R&D, Infrastructure, Personnel, Marketing or Sales
Revenue model
- Electric Two-Wheeler Sales: Sale of electric motorcycles and two-wheelers to individual consumers and fleet operators in Vietnam.
- Battery-Swapping Services: Recurring revenue from battery-swapping stations where users exchange depleted batteries for charged ones, enabling flexible pay-per-use access without high upfront battery costs.
- EV Charging/Battery Swap Network (VGX): Revenue generated through the VGX joint venture from charging and battery-swapping services at Petrolimex stations, serving multiple EV brands in an open network model.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels2 records
Selex Motors product offering
Product offeringCore offering
Selex Motors manufactures and sells electric motorcycles and scooters equipped with a proprietary battery-swapping system, targeting Vietnamese consumers and commercial fleet operators. The company operates its own battery-swapping station network and, through the VGX joint venture with Petrolimex and Xuan Cau Holdings, provides open charging and battery-exchange infrastructure at existing gas station locations across Vietnam without requiring brand loyalty from users.
Product overview
Selex Motors operates as a Vietnam-based electric vehicle company specializing in electric two-wheelers with a battery-swapping ecosystem. The company's core product portfolio includes electric motorcycles/scooters integrated with a shared battery-swapping network (via VGX joint venture with Petrolimex), enabling convenient battery exchanges without brand loyalty requirements. The products are positioned to serve Vietnam's sustainable mobility transition, particularly as the government implements bans on gasoline-powered motorcycles.
Differentiator
Problem solved
Functional benefit
Products and services
- Selex Electric Two-Wheelers Electric motorcycles and scooters manufactured by Selex Motors with a proprietary battery-swapping system designed to enhance convenience and reduce operating costs for individual riders and commercial fleet operators in Vietnam.
- Selex Battery-Swapping Stations Physical infrastructure stations that allow electric two-wheeler users to quickly exchange depleted batteries for charged ones, supporting Selex's shared battery-swapping network model and enabling recurring usage-based revenue.
- VGX Open EV Charging and Battery-Swap Network An open electric vehicle charging and battery-swapping network developed through a joint venture with Petrolimex and Xuan Cau Holdings, enabling users to charge or swap batteries at gas station locations without requiring brand loyalty.
Quantifiable outcome
- Reduced carbon emissions through electric two-wheeler adoption
- +1 more outcomes
Companies that use Selex Motors
Customer profileSegments2 records
Ideal customer profiles2 records
Selex Motors technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Selex Motors partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship.
- PetrolimexflagshipSelex Motors partnered with Vietnamese state-owned Petrolimex (gas-station company) and Xuan Cau Holdings to establish VGX, a green infrastructure company. The joint venture leverages Petrolimex's existing gas station network to rapidly deploy EV charging and battery-swap stations across Vietnam without requiring brand loyalty from users.
- Xuan Cau HoldingsflagshipSelex Motors partnered with Xuan Cau Holdings and Petrolimex to establish VGX, a joint venture focused on building Vietnam's electric vehicle charging and battery swapping networks to accelerate EV adoption nationwide.
Scale indicators3 records
Recent moves8 records
Expansion highlights5 records
Selex Motors competitors and assessment
Company assessmentDirect peers
- VinFast: Vietnam's flagship EV manufacturer (part of Vingroup), producing electric motorcycles and scooters domestically. Directly competes with Selex in the same market, with vastly greater capital, government backing, and manufacturing scale.
- Gogoro: Taiwan-based pioneer of electric two-wheelers and an open battery-swapping network. Closest analog in business model (vehicle + open swap infrastructure), making Gogoro the most directly comparable peer globally.
- NIU Technologies: Chinese smart electric scooter manufacturer selling globally, including in Southeast Asia. Comparable product category (smart e-scooters) and overlapping target customers, though without a comparable swap-network play.
- Ather Energy: India-based premium electric scooter manufacturer with charging infrastructure. Comparable product strategy and target segment (urban commuters/fleet), serving an adjacent emerging-market two-wheeler EV opportunity.
- Sun Mobility: India-based battery-swapping network operator for electric two- and three-wheelers. Directly comparable on the open-network infrastructure play, with a parallel focus on emerging-market commercial fleets.
Broad incumbents
- Yadea Group: Largest Chinese electric two-wheeler maker by volume with broad product portfolio. Competes in the same category globally and is a likely import competitor in Vietnam's price-sensitive e-scooter segment.
- Ola Electric: India's largest electric two-wheeler manufacturer with ambitions in battery-swap and charging infrastructure. Comparable scale-up challenges and emerging-market regulatory tailwinds.
- Hero Electric: Long-established Indian electric two-wheeler maker. Comparable product category and emerging-market positioning, though with a more traditional dealer-led model versus Selex's swap-network-led approach.
- Honda Motor: Dominant incumbent in Vietnam's gasoline motorcycle market that is actively electrifying its two-wheeler lineup. Will compete directly for share as the gasoline ban takes effect, with unmatched brand and dealer network.
Emerging players
- Battery Smart: India's largest battery-swapping network for electric two- and three-wheelers. Comparable open-swap model targeting commercial riders, validating the same infrastructure-led GTM in an adjacent emerging market.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Selex Motors social profiles
Digital presenceSelex Motors financial estimates
Financial estimateRevenue estimate
Valuation estimate
Selex Motors leadership team
Management profileNumber of profiles
Profiles3 records
Selex Motors subsidiaries and ownership
Company hierarchySubsidiaries2 records
Selex Motors funding detail
Funding detailFunding overview
Funding rounds3 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Selex Motors M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Selex Motors
What does Selex Motors do?
Selex Motors manufactures and sells electric motorcycles and scooters equipped with a proprietary battery-swapping system, targeting Vietnamese consumers and commercial fleet operators. The company operates its own battery-swapping station network and, through the VGX joint venture with Petrolimex and Xuan Cau Holdings, provides open charging and battery-exchange infrastructure at existing gas station locations across Vietnam without requiring brand loyalty from users.
Is Selex Motors a public or private company?
Selex Motors is a private company. It is classified as venture growth investor backed and is currently operating.
When was Selex Motors founded?
Selex Motors was founded in 2018. It employs 101 to 250 people.
Where is Selex Motors based?
Selex Motors is headquartered in Hanoi, Vietnam, in the Asia region.
How does Selex Motors make money?
Three revenue lines are on record. Electric Two-Wheeler Sales are the primary driver. The others are battery-Swapping Services and EV Charging/Battery Swap Network (VGX).
Who are Selex Motors's main competitors?
Direct peers on record are VinFast, Gogoro, NIU Technologies, Ather Energy and Sun Mobility. Broad incumbents are Yadea Group, Ola Electric, Hero Electric and Honda Motor. Battery Smart is listed as an emerging player.
Does Selex Motors have an API?
No public API is recorded for Selex Motors.
What industry is Selex Motors in?
Selex Motors's product category is Electric Two-Wheelers. Its primary akta.pro industry code is IMACAEAB, Electric Motorcycles & Electric Scooters Manufacturing, with a secondary code of IMACAOAB, E-scooters & E-mopeds Manufacturing. Its NAICS code is 336991 and its SIC code is 3751.