DGAP-News

fox e-mobility AG provides information on the development status of the new MIA

DGAP-News: fox e-mobility AG / Key word(s): Miscellaneous fox e-mobility AG provides information on the development status of the new MIA 05.05.2022 / 09:15 The issuer is solely responsible for the content of this announcement. fox e-mobility AG provides information on the development status of the new MIA

• Development steps worth approx. EUR 15-20 million implemented on the way to the start of production and the market launch of the purely European brand MIA
• Start of series production still planned for Q4 2024
• First show cars and prototypes planned for late 2022/early 2023

Munich, May 5, 2022 – fox e-mobility AG (ISIN DE000A2NB551), a European electric vehicle company that specializes in the production, marketing and development of compact electric cars in the lower price segment for individual passenger transport and Light Commercial Vehicles (LCVs) for logistics applications provides an overview of the development steps achieved so far and the next planned milestones.

The almost complete development of the new exterior and interior design was already reported in the first quarter. The legal protection of these designs (registration with the German Patent and Trademark Office) has already taken place or is in progress. Likewise, the improved pure e-platform for the MIA was presented last year and the supply of batteries by an LOI with InoBat Auto was secured. In addition, the vehicle specification was largely completed in cooperation with various suppliers. Engineering service providers and manufacturers for the drive train were also identified and integrated into the project. In total, development services worth around EUR 15-20 million were rendered in the last 12 months.

Further details on the technical development and the status of the design of the new MIA can also be found in a new presentation on our website at
https://fox-em.com/tech-update-q2-2022.

The next step is the completion of show cars and the first fully functional prototypes by the end of 2022/beginning of 2023. Following that a contract manufacturer will be commissioned with the series production. The management of fox e-mobility is in talks with potential investors about financing these important next steps. Until this financing is secured, fox e-mobility is dependent on the continued financial support of some of its major shareholders. With the completion of the prototypes and show cars, the company, which is listed on the Düsseldorf, Hamburg and Berlin stock exchanges, would reach the next, most important milestones on the way to the start of production, which is still planned for the end of 2024.