Vmoto (ASX:VMT) has acquired industrial land in the Lishui Economic Development Zone in Nanjing, China, for roughly CNY13.5m ($2.9M), via subsidiary Nanjing Vmoto Intelligent Technology.

The land will be used to expand its existing manufacturing facilities nearby, with works set to begin in February 2024 and be completed by February 2026.

The company's Managing Director, Mr Charles Chen says the acquisition was excellent value for money: "It also represents a new milestone for the company as Vmoto is able to continue to grow its operations as it moves towards its goal of becoming a world class e-mobility solution provider."

Vmoto's share price closed up 3% today.