German electric vehicle maker Next.e.GO Mobile plans to build three new Europe and U.S. microfactories over the next couple of years as it expands production...
E.GO Mobile AG starts its production line for 30.000 electric cars fully developed and produced by the German start-up firm in AachenLONDON - German electric vehicle maker Next.e.GO Mobile plans to build three new Europe and U.S. microfactories over the next couple of years as it expands production of its low-cost, small urban EVs, its top executive said ahead of the company's listing on Friday.
The company is going public via a merger with special purpose acquisition company Athena Consumer Acquisition, which will value the EV maker at around $900 million, plus raise $235 million in cash and $50 million in debt financing.The EV maker currently makes the e.Wave X, a small four-seater EV for 24,990 euros at its plant in Aachen. It has made around 1,200 so far and the SPAC merger will provide working capital to expand production.
The company's listing comes a few years after a major wave of SPAC mergers where EV startups raised billions of dollars. Many have struggled to actually make EVs at scale and funding has dried up."This is not yet just another EV company, but a company that actually makes cars," she said. "So this is very attractive from an investor's point of view.
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