European electric vehicle company fox e-mobility AG with successful reverse-IPO

DGAP-News: Catinum AG / Key word(s): IPO
08.12.2020 / 06:00
The issuer is solely responsible for the content of this announcement.

European electric vehicle company fox e-mobility AG with successful reverse-IPO

  • fox e-mobility AG, a European company solely focusing on the development, production and marketing of electric vehicles, is listed on the OTC market of the Dusseldorf stock exchange with immediate effect
  • fox e-mobility AG is concentrating on electric vehicles in the lower price segment which offers large market potential
  • fox e-mobility AG is developing the popular MIA electric vehicle into a modern electric car especially suited for passenger transport and delivery in metropolitan areas
  • Seasoned management team around Philippe Perret, Ulrich Hoernke and Dr. Christian Jung with long-term, in-depth expertise and an extensive network in electro mobility and renewables
  • Great market potential: electric vehicles are expected to gain a market share of around 50% by 2030 in Europe and USA

Munich, December 8, 2020. The shareholder meeting of Catinum AG (ISIN: DE000A2NB551, WKN: A2NB55, Trading Symbol: CT4) yesterday approved the reverse-IPO of Fox Automotive Switzerland AG via a capital increase against contribution in kind in the amount of EUR 69.6m. Catinum AG is renamed into fox e-mobility AG (the "Company" or "Fox"). fox e-mobility AG is a battery electric vehicle (BEV) business venture located in Germany targeting development and production of low-price electric vehicles in Europe for all major European markets. The shares are listed on the OTC market (Freiverkehr) of the Dusseldorf Stock Exchange. Until the registration of the new name in the commercial register, the shares will continue to be traded under the name "Catinum AG". An up-listing to a higher market segment is envisaged already later next year.

Fox is managed by Philippe Perret (CEO), who brings in extensive experience in renewables (Theolia SA) and financing (Soc Gén Bank) and Ulrich Hoernke (CFO) and Dr. Christian Jung (CTO) with long-standing expertise from leading positions at various automotive and e-mobility groups such as Daimler, Porsche, BMW, Fiat Chrysler Automobiles (FCA) and Faraday Future.

Fox is planning to start production of the new MIA 2.0 battery electric vehicle already in the first quarter of 2023. The MIA 2.0 is based on the visionary MIA e-vehicle which was originally designed by the renowned former head designer of Volkswagen and Mercedes Benz, Murat Guenak. The MIA 2.0 will be equipped with state-of-the-art battery technology and latest drive systems. With a final consumer price of around EUR 16,000 (incl. VAT, before government incentives, if any) the MIA 2.0 will be the right vehicle to pave the way for the breakthrough of e-vehicles into the mass market. With its intelligently applied 'small outside vs. big inside' design concept, its central driving position as well as space-saving dual sliding doors, the pure EV MIA is the perfect answer to today's environmental and transportation needs for inner cities and metropolitan areas.

Philippe Perret, CEO of Fox, comments: 'With today's announcement, we start a new chapter in our history of developing, producing and marketing our small electric vehicle, the MIA 2.0. The preconditions for our venture are particularly promising. While the visionary MIA 1.0 came too early we now have with the new MIA 2.0 the perfect electric vehicle at the right time.'

Ideally positioned to create a leading European e-mobility growth platform
The original MIA 1.0 e-vehicle with its extensive 'on-the-road' track record on streets across Europe provides Fox with a distinct advantage. Thus, Fox is well positioned to benefit from the increasingly supportive legal and financial framework for e-mobility worldwide. Although the overall car markets in Europe and the US are expected to stagnate over the next decade, electric vehicles are expected to gain a market share of around 50% by 2030. As the MIA 1.0 has already been licensed for road service in Europe, the time to market for the new MIA 2.0 is relatively short. As more than EUR 150m were already invested into MIA 1.0 the remaining financing needs are also relatively modest compared to other new vehicle developments.

As Fox's corporate structure has been developed from scratch the company is entering the electric-vehicle market without any legacy issues such as existing capex, financing, or corporate structure problems. Fox is extremely lean and efficient as it will produce the new MIA together with international partners who have extensive experience in automotive development and mass car production.

Fox will benefit from the long-term experience and large network of the management team to produce and market e-vehicles for the small vehicle segment. The company seeks above-average returns through its lean setup and its outsourcing strategy, which aims to keep costs low and achieve margins well above the automotive industry's segment average. Break-even is expected for 2023 already.

Ulrich Hoernke, CFO of Fox, adds: 'We are leveraging our excellent global network for the further development and licensing of the new MIA 2.0. With our very lean approach we will be EBITDA positive in 2023 - already in the year of product launch. Our targeted IRR is well above 20% which is highly attractive in the EV-industry. Shareholder value in combination with ESG considerations are our priorities.'

Fox will deliver a significant contribution for Europe's 'Green Deal'
Through the sale of electric vehicles, Fox will be eligible to issue a significant amount of CO2 credits. This is not only a meaningful contribution to Europe's ambitious CO2 reduction plans but also offers fox e-mobility AG an additional source of income through the sale of CO2 credits to other automotive OEM's. E-vehicle manufacturers such as Tesla Inc. typically achieve part of their profits through revenues from CO2 credits.

Fox's business plan is based on 3 revenue streams, each profitable on its own: the MIA 2.0 vehicle programme for Europe, a license programme for countries outside the EU as well as the sale of the MIA's CO2 credits to other OEMs. These three pillars together will contribute to Europe's 'green deal' and maximise shareholder value.

Dr. Christian Jung, CTO of Fox, concludes: 'As engineers who have developed EV concepts for several OEMs and e-vehicles such as the Porsche Taycan we thoroughly know the EV market and its challenges. The extensive track record of the MIA 1.0 already helps us in our goal of putting the new MIA 2.0 vehicle on the road already in little more than 2 years from now. With a well-proven team and outsourcing strategy, we will significantly minimise production or quality risks right from the start.'

About fox e-mobility AG
fox e-mobility AG is a European electric vehicle company that is specialized in the production, marketing and further development of small electric cars in the lower price segment for individual road traffic and logistics. The new model series of the MIA 2.0 is to be produced in Europe in cooperation with well-known suppliers to the electrical and automotive industries. The management team consists of seasoned managers and engineers from the world's largest automotive groups who have in-depth expertise and an extensive network in electro-mobility. fox e-mobility AG is listed on the Dusseldorf stock exchange.

Contact Details

Investor Relations Contact

Gunnar Janssen
fox e-mobility AG
Phone +49 175 297 67 63

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65

08.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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