- Finalization of the concept vehicle of the new MIA by the end of 2023
- Restructuring and optimization of the group structure as well as change of name to FOXMIA planned
Fox e-mobility AG (ISIN: DE000A2NB551), a European electric vehicle company specializing in the production, marketing and further development of compact electric cars in the lower price segment, announces key aspects of its 2023 strategy program. It includes an action plan with the next steps in vehicle development as well as measures to further optimize the Group’s structure.
Development of the concept car by the end of 2023
A comprehensive engineering plan for the development of the new MIA is currently being finalized with an international engineering services provider and is expected to be published in the first quarter of 2023. Under the leadership of this partner, the concept vehicle is to be developed by the end of the year. After completion of the concept phase, production of the prototype will take place in close cooperation with the future series manufacturer.
In addition, a recruiting campaign is planned to attract engineers for the development of the new generation of compact electric cars. In this context, the consultancy contracts with Stefan Hiestand, Kurt Egloff, Bernd Martens and Oliver Rupps are no longer necessary and have been terminated.
Change of company name to FOXMIA and optimization of the Group organization
In order to consistently pursue the development goals and increase the capital market capability, the fox e-mobility Group will be restructured and renamed the FOXMIA Group in the 1st quarter of 2023. The restructuring will be prepared in February 2023 by establishing subsidiaries in Ireland, the UK and Germany. Subsequently, the change of legal form and the merger of the German stock corporation into an Irish stock corporation (Public Limited Company PLC) will take place. The German stock exchange listing as well as Munich as the place of the operative business and the future general meetings are not to be changed by the restructuring. The detailed restructuring plan required under German and Irish law will be published in the first quarter. The decision on the implementation of the restructuring plan is incumbent on the shareholders at an extraordinary general meeting, which is expected to take place in April 2023.
fox e-mobility has already received half of the restructuring costs in the form of a six-figure loan in December 2022.
Philippe Perret, CEO of fox e-mobility AG, adds: “At the Annual General Meeting, we will use the opportunity to provide transparent information about our plans. With the support of our shareholders, we want to launch the compact electric car MIA in the lower price segment. This will bring the energy and mobility turnaround to the broader society. Market studies underline the importance of our project, as current offers are mainly concentrated in the upper price segment. With the planned strategic course we want to change this.”