MOZO car sale hikes, #mozocoin gains trust of first time investors
On December 6, Mongolia’s first car manufacturing assembly line opened in Ulaanbaatar, the capital city of Mongolia. We reported exactly two years ago that the company opened a joint automotive assembly plant in Hangzhou, China, and launched the production of its first automobile. Bars Motors LLC, the owner of both factories and creator of the MOZO car, has been selling 10 percent of its stock as a tokenized IEO.
The initial offering is nearly over in Mongolia. Yet, the elderly, rural population and first time crypto investors are lining up at the MOZO office or video calling them and the project team is helping them set up an account on the exchange. It is interesting how the older population is also very much willing to invest into a cryptocurrency in Mongolia. In the past there have been 60-70 Mongolian coins, and yet their main customers have been the young, technologically literate population.
This indicates that the Mongolian population of all ages and social class are supporting and trusting the MOZO coins, and the MOZO brand. Compared to the other crypto coins that have been launched in Mongolia, the MOZO coins are digital assets that can be used to purchase physical MOZO goods, and the holders of the coin are to receive dividends quarterly.
Sales, and pre-orders of the MOZO car are soaring. The pre-order for the first quarter of 2022 is already full and the second quarter is also filling up exponentially.
MOZO stands for ‘Mongoliin Oyunlag Zon Olon’ meaning ‘The Intelligent Mongolian People’. D.Dembereldorj, the Director of Bars Motors says he came up with the idea to create a car after a well known public official sold him a Mercedes-Benz G-Glass for 130,000 euros. The car broke down after a month while he was in the countryside. Upon contacting the previous owner and informing them of the situation, he said something along the lines of, “Why didn't you inspect the car? It's your loss.”
“I brought it to Ulaanbaatar to get it fixed, but couldn't find a mechanic that could. I even tried to bring in an expert from Austria, but their weekly salary was 20,000 euros,” he continued.
When foreigners come to visit Mongolia, they are astounded by how old and out of commission cars are dominating the roads. Secondhand cars that are imported to Mongolia have their parts replaced with low-quality and uncertified spare parts. Then, the mileage is changed, and the secondhand salesperson does not provide any guarantee for their services on the car. Having little industrialization of its own, Mongolia is heavily dependent on imports.
The automobile sector is no exception and is in fact its second import Mongolia spends the most money on the following fuel. According to the statistics, Mongolia imported an unprecedented amount of cars in 2020, almost amounting to 70,000 cars. Every year, Mongolians spend about 500 million USD to buy second hand cars.
D.Dembereldorj’s goal is for Mongolia to keep at least a little bit of the money leaking out of the economy through the purchase of second hand cars, inside the Mongolian Economy.
For the past two years, the MOZO cars have been tested in the harsh Mongolian winter, and the price tag of the car is at 69,000,000 MNT (24,000 USD).
Mongolia’s first tokenized stock
Ten percent of Bars Motors LLC is valued at 30 billion MNT, approximately 10.5 million USD. The common shares of the company are offered to the public through M OZO Finance on two virtual stock exchanges. In 2022. The financing is to be used to fund the car leasing of 1000 Mongolians. As for the IEO, Bars Motors Director D.Dembereldorj assures that the MOZO coin will be a lifelong investment in the long run.
The MOZO coin of Bars Motors LLC has been available for purchase since December 27 for the Mongolian market. Through the token, purchasing the MOZO car, and its parts are possible through the coin. Due to its unique position, the coin has gathered much attention in Mongolia and raised 4.3 billion MNT (1.53 million USD) as of morning December 30. The sheer figure is impressive, as Mongolia’s population is only at 3 million. By the third day, 72 percent (6 billion MNT) of the IEO offered to the Mongolian market was already purchased.
The official MOZO Coin webpage promises that if the rate of the MOZO coin falls below the stated value after 6 months of being traded on the secondary market, it will be repurchased at face value. Currently, the MOZO tokenized stock is not available to those outside of Mongolia. Bars Motors is working with the UK Global Growth Institute as an official partner for the international launch of the MOZO coin. The international sales are to begin in early January 2022.