I have a 2007 Diamo retro 150cc and I turned it off and smoke poured out from the start button side of the steering wheel and by the ignition switch. I opened it up and it fried the main battery wire and another black and white wire, I replaced the main (red) wire but the black and white wire was so fried I see only one wire coming up from the rear but 2 connections on top, one coming from the ignition switch and one from the main wire harness coming out of the sterring wheel... any help? Really need a pic of the whole wiring set up on front of bike... any help would be appreciated.

SOURCE: I just purchased the 150cc

I am not familiar with the diamo retro, but if is a four stroke engine the problem described would likely be burned valves. Chances are, simply re-seating the valves by lapping with valve grinding compound would fix the problem. If the engine is a two stroke, the crank seals may be bad, too much oil in the gas? Partially plugged up exhaust port? In either case, 2 or 4 stroke, disconnect the exhaust pipe and see if that fixes the slow speed problem. The exhaust may be partially plugged up. Also be sure the carb mounts are tight. Off the ground, do the wheels turn freely or are the brakes dragging? Is the drive belt (or chain) in good condition?