Mass e-mobility through the new MIA - the most economical electric vehicle - fox e-mobility AG
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Mass e-mobility through the new MIA –
the most economical electric vehicle
CORPORATE PRESENTATION Q3 2021
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | www.fox-em.com | CONFIDENTIAL
DISCLAIMER This document has been prepared and published by fox e-mobility AG (“FE”), an electric car manufacturer based in Munich, Germany. This document is intended for distribution to professional and business customers of FE, as well as private investors or private customers. Any information in this document is based on data obtained from publicly available information and sources considered to be reliable, but no representations or guarantees are made by FE with regard to the accuracy or completeness of the data or information contained in this document. The opinions and estimates contained herein constitute FE's best judgement at this date and time and are subject to change without notice. This document is for information purposes only; it is not intended to be and should not be construed as a recommendation, offer or solicitation to acquire, or dispose of FE shares. In compliance with statutory and regulatory provisions, FE has set up effective organizational and administrative arrangements to prevent and avoid possible conflicts of interests in preparing and transmitting analyses. These include, in particular, in-house information barriers (Chinese walls). FE or its affiliates, its executives, managers and employees may hold shares or positions, possibly even short sale positions, in securities mentioned in this document or in related investments. Neither FE or its affiliates nor any of its officers, shareholders or employees accept any liability for any direct or consequential loss arising from any use of this document or its contents. Confidentiality, copyright and database rights protection exists in this document and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of the Chairman of the Board of Directors of FE. All rights reserved. Past performance is not indicative of future results. Investors should make their own investment decisions without relying on this document. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in FE discussed herein and other persons should not take any action on the basis of this document. © COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 2
WHO WE ARE fox e-mobility AG is a Germany based European e-mobility company that is specialised in the production, marketing and further development of small electric cars in the lower price segment which can be used for both, passenger transport as well as utility vehicles for “last-mile delivery”. The New MIA model series is to be produced in Europe in cooperation with well-known suppliers to the electrical and automotive industry. The management team includes skilled managers and engineers from the world's largest automotive groups who have in-depth expertise and an extensive network in electromobility and sustainability. © COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 3
fox e-mobility AG AT-A-GLANCE
ABOUT fox e-mobility AG
“Our Goal is to
• First-listed European pure e-mobility company
become a leading
• Lean business model with focus on shareholder value and sustainability
Platform for Investors
• The battery electric vehicle The New MIA with multipurpose capabilities as a breakthrough for mass e-mobility
in European • Skilled management team as a significant long term shareholder
e-mobility.” • Vision is to create a leading European e-mobility company
fox BUSINESS-STRATEGY MIA BATTERY ELECTRIC VEHICLE
• 3 pillar business model • MIA ideally positioned to use window of opportunity
Revenues from European car sales, overseas licenses and CO2 credits
• The New MIA = mass e-mobility for large metropolitan
• Low cost/asset light production outsourcing strategy areas
• Large facelift instead of development from scratch
Half the development cost to SOP ( 2023 ) in half the time ( 2 years) • Multipurpose vehicle – passenger car (M1) and light
commercial vehicle (N1)
• Lean targeted marketing and distribution strategy
• Focus on European markets – licenses for overseas markets • Unique & highly functional design - reduced to the max
• Combining fun-to-drive with sustainable mobility and
flexible range ( > 225 km to > 450 km )
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 4
THE MIA STORY
A MAN AND A VISION…
‣ 10 years ago Murat Günak believed a substantial change
regarding mobility and the role of cars in urban areas
was needed:
• Fully electric cars meeting ever tightening emission standards and providing a
path to a cleaner environment
• Small cars for dense urban areas (reduced to the max)
• Consumers are increasingly attracted by economic and efficient cars with fun
factor
• A Car supporting sustainability (+ 95% recyclable) and zero pollution
• Lifestyles and the role of cars are changing – cars are less seen as a
prestigious consumer good but more as a mean of transport which needs to
be economic and fit the idea of the ‘sharing economy’
Murat Günak, ‣ Resulting in MIA - a redefinition of cars and
visionary transportation designer
transportation in urban areas.
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 5
THE NEW MIA WITH ITS DERIVATIVES –
THE ANSWER TO MANY PROBLEMS IN METROPOLITAN AREAS
B2B and B2D LAST MILE DELIVERY B2C – Individual transportation in Needs & Barriers :
• Car-Sharing, Car-Leasing and B to B fleets metropolitan areas
Urban Utilizers • Affordable, Reliable & functional
• Transportation, supply chain, manufacturing and • Sustainable transport solution
retail • > 2 cars in 1 household (87%)
• Battery range > 200 km
• “Last mile" = high level of online sales in city • A/B/C segment owners, lives outside city
• Where cars are only mean of transport • Total cost of ownership
areas • Tax benefits /incentives, grants
• 150km per day, stop and go, entering restricted
& tight paths Eco-Friendly • Public fast charging infrastructure yet
• ‘be quick - be there – be useful’ = delivery • Only 1 car in household (75%) to improve
principle • C/D segment owners, lives in suburbs • Battery life and replacement is
• Zero emission car for mass e-mobility uncertain
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 6
NOW IS THE TIME
FOR THE NEW GENERATION OF MIA
Small outside/ Central driving Space-saving dual 220 volt plug and fast
big inside position sliding doors charging times
1560 mm
300 mm
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 7
MIA – THE SPECIAL EV CONCEPT
Several categories with one platform: maximum flexibility at an exceptional price
Short Passenger Car Long Passenger Car Small Van for ‘last –mile’ delivery
3 Passenger short version Up to 1500 litres
4 Passenger long version volume of space
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 8
THE NEW VERSION –
TAKING MIA TO THE NEXT LEVEL
The New MIA offers further improvements with state of the art
technology to make it fit for the future …
… additional safety … new power train … effective heating … flexible seat … new battery … Android (Apple)
features (ESP, ABS, with higher and cooling system for concept for a Auto connected
ACC, blind spot performance system commercial use real average
assist, …) ‘last-mile delivery’ range of 200 km … 220 Volt and fast
or 3/4 seater charge capability
… fun and function
… autonomous ... Plus > 200 km
- ‘fun to drive’
driving level 2+ with optional
2nd battery
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 9
LEAN PRODUCTION STRATEGY: ASSET LIGHT BUSINESS MODEL fox is outsourcing the manufacturing process for the European market to third parties such as: Current markets are dominated by significant excess capacity at OEMs and outsourcing manufacturers - enabling fox to minimize quality and quantity issues for The New MIA. © COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 10
THE BUSINESS MODEL FOR E-MOBILITY
THREE PROFITABLE PILLARS
RISK MITIGATION THROUGH 3 PILLAR BUSINESS MODEL
“Technology” “Scalability” “Sustainability”
Innovation, Affordability, Functionality Efficiency, Profitability, Flexibility Recyclability, CO2 Reduction
MIA derivatives
The New MIA CO2 Credit Sales to OEMs /
and successor models
Vehicle Program for MIA 95% recyclable /
License Programs
European Markets Use of existing resources
for overseas markets
LEAN Strategy - Outsourced production – Standard parts
MAXIMISE SHAREHOLDER VALUE
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 11A GROWTH STORY:
BEV MARKET POTENTIAL (PREDICTION 2020+)
FORECAST MARKET VOLUME PASSENGER CARS (BCG 2017)
2020 2025 2030
Stagnation of the car
market in EU and 96.000.000 105.000.000 109.000.000
thereof EVs (7%) 7.000.000 (23%) 24.000.000 (44%) 48.000.000
US. Permanent thereof BEVs (1%) 1.000.000 (6%) 6.000.000 (13%) 14.000.000
increase of market
shares for EVs up to
50+ % in 2030. 19.000.000 19.000.000 19.000.000
(6%) 1.200.000 (31%) 5.900.000 (56%) 10.600.000
In EU every forth (2%) 400.000 (13%) 2.500.000 (25%) 4.800.000
new car in 2030 will
be an BEV. Probable 17.000.000 17.000.000 17.000.000
switch within EV (5%) 900.000 (35%) 5.900.000 (49%) 8.300.000
(1%) 200.000 (8%) 1.400.000 (20%) 3.400.000
segment to more
BEVs.
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 12THE FUTURE
MARKET FORECAST UNTIL 2026
Alt. Fuels High Voltage xEV Diesel Gasoline
European market will continue to 70.0%
grow much faster than previously
59.4%
forecasted (2024/2026) 60.0%
52%
52.3% 50%
• European market of 10% in 2020 50.0%
rising to 26% in 2024 and 32% in 2026 43.6%
40.0%
• German EV sales in 2020 ( 0,4 M of 31.4%
32%
1,4 M European EV sales). EV share
13,5% (up from 10% in Europe) 30.0% 26%
• January 2021: EV share > 20 % in 20.0%
21%
Germany
17%
10.0% 7.5%
2.2% 1.9% 1%
1%
1.9%
0.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 13WHY IT WILL BE SUCCESSFUL NOW –
THE WINDOW OF OPPORTUNITY
• EV-Retail prices now more attractive than ICE vehicles
The New MIA starting at € 16,000
• Material cost are now competitive with ICE vehicles
E.g. battery cost: 2010: 1.000 €/kwh, 2021: 100 €/kWh and falling
• Idle capacity for all contract manufacturers in EU
Allows low-cost production @ highest quality standards
• Internet based distribution concepts now feasible
Customers shopping behaviour changed / use of existing infrastructure
for service & maintenance (similar to Tesla)
• Charging infrastructure expanding rapidly
Germany: 2010 < 5.000 charging points à 2020 > 174.000
• EU now largest EV market in the world
Demand for small EVs increased substantially
• Strong political will to transform OEMs from ICEs to EVs
Massive customer subsidies (e.g. Germany € 6,000)
CO2 pooling mechanism for OEMs
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 14MIA – ONE PLATFORM - MULTI PURPOSES A WIDE VARIETY FOR COMMERCIAL AND PRIVATE USE • Flexible pure E-platform • Cities and communities • B to B and B to C as addressable markets • Retail and food supply • Passenger car for metropolitan and remote areas • Craft businesses • Car sharing and rental • Fun and family vehicle © COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 15
WHY TO INVEST IN fox e-mobility AG
FIRST LISTED ATTRACTIVE MANAGEMENT
EUROPEAN RISK/REWARD AS MAJOR GREEN
BATTERY ELECTRIC PROFILE SHAREHOLDERS FOOTPRINT
VEHICLE PURE PLAY
• MIA 2.0 build on existing • Senior Management holds • BEV only production
• Mass e-mobility through pure EV platform ~ 13% of fox e-mobility AG enables issuance
the unique small BEV – • MIA 1.0 with extensive • Family and friends hold of C02 credits
MIA 2.0 ‘on the road’ track record ~ 30% of fem • MIA 2.0 reduces air
• Consumer price for • Short time to market – • Perfect alignment of pollution and metropolitan
new MIA of just MIA 2.0 to be on the interest between traffic congestion
~ EUR 16.000* road by 2023 shareholders and • MIA is >90% recyclable’
*incl. VAT management (target is 100%)
SCALABILITY
SHAREHOLDER STRONG GROWTH SEASONED THROUGH DIVERSIFIED
VALUE FOCUS PROFILE MANAGEMENT TEAM REVENUE STREAMS
• Management compensation • Revenues + >100% • Extensive automotive/ • Revenues from sale of
aligned to operating between 23’ and 25’ e e-mobility and finance track MIA 2.0 and derivatives
milestones and IRR • Ebitda + >600% record • Licensing revenues for
• Limited funding between 23’ and 25’ e • 50+ years experience at regions outside Europe
requirements various OEMs, e-mobility • Income from sale of C02
• Lean and low cost strategy renewable- and financial credits
institutions
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 16THANK YOU FOR YOUR INTEREST
FOX E-MOBILITY AG
HERZOGSPITALSTRASSE 24
80331 MUNICH, GERMANY
WWW.FOX-EM.COM
INFO@FOX-EM.COM
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 17APPENDIX I
CO 2 REGULATION FOR THE AUTOMOTIVE INDUSTRY
• Starting in 2020, the EU imposed new CO2 • OEM xxx “safes” 950m Euro, but has to pay OEM • BEST CASE: total add. profit (at 50% selling price)
emission targets of 95g/km average for all OEMs yyy for the pooling approx. 50% of the 950m = until 2028 = Euro 1,500m. Mid case: approx. 75%
(= 4 l gasoline/100km) 475m Euro until ‘24 and 50% between ‘25-’28 = Euro 830m.
Worst case: approx. 50% until ‘24 and 0 beyond =
• To reach the average 95g for all OEMs, each OEM • EVs have ZERO emission – i.e. each Mia 2.0 sold Euro 310m. To sell no credits at all is technically
receives an individual target, depending on the will produce “credits’ of Euro 7,125–7,600 possible, but very unlikely , given where the
weight of their vehicle fleet (e.g. Daimler: (depending on weight). fox can pool with trad. industry is trending and the # of EV
102g/km, Renault 92g/km). Average = 95 g for all OEMs and “sell” its credits – e.g. Tesla sold manufacturers expected in the European market
OEMs goes down to 81 g/km after 2025 !! “credits” to FCA in 2020/21 for Euro 1,8b Euro (e.g. Byton just dropped out)
• When the vehicle is sold, each g/km/car above • At 50% of the “face value” of the credits, fox can • NOTE: The current business case consists approx.
target causes a penalty of 95 Euro/g for the OEM expect an add. income of Euro 3,500 – 3,800 Euro 50% (Euro 238m) of what could be considered as
and likewise a “credit” of 95 Euro per g below for each car sold worst case
target !! I.e. OEM xxx (1 million sales/year with a
90g target and actual of 100g/km à penalty is: • Average CO2 emission for all OEMs in ‘18 was 121
1m x 10 x 95 Euro = 950m Euro per year !! g/km (123g in ‘17) – lower Diesel sales was/is
counter-productive to reach targets –> OEMs
• To allow OEMs to adapt to the rules, OEMs can highly likely to fail their targets by far – they have
“pool” their fleet with other OEMs to reach the to buy credits or pay high penalties
target: E.g. OEM xxx with 100g actual emission
“pools” with OEM yyy with 80g (both targets are • Potential risk not to be able to sell credits is very
90 and both sell 1 Mio units) = no penalty low: traditional OEMs are very unlikely to reach
their targets (lower demand), still not enough EV
manufacturers expected to be able to sell credits
(higher offer)
© COPYRIGHT 2021 fox e-mobility AG | HERZOGSPITALSTRASSE 24 | 80331 MUNICH GERMANY | C O N F I D E N T I A L 18You can also read
