The following updates and video have been shared with us on 28/09/23, directly from ElectricBrands Co-CEO Max Brandt, offing an insight into the current development of the company and answers a few open questions regarding the XBUS & Evetta. Read the full script and watch the original video below.
For you convenience, we have also put together a video focusing on the highlights.
In summary: The XBUS has a slight re-design coming that makes mass production more streamlined and cost effective and it will be revealed in November, with the first pre-production models to be divulged in the summer of 2024. The first customer cars will be on track for delivery at the end of 2024 / early 2025. Plus, if you didn’t know by now, building a modular electric car for mass production, from scratch, is really hard!
"It has been a little quiet around us in the last few months, because as a young company we had to concentrate on the most important things. First and foremost, this includes developing ElectricBrands from a start-up to a scale-up. The focus here is on the development of our products.
In the following, we would like to give you an insight into the current development of the company and answer open questions.
What is the current situation at ElectricBrands and in particular: how far has the XBUS come?
As a start-up, we have already been active in the market for six years. Statistically, 90 percent of start-ups in Germany fail in the first three years. That's why we consider our development a great success.
We have postponed the XBUS twice. That is unfortunate, but perfectly normal for a start-up. Even with regard to the established OEMs, postponements of products are not uncommon; for example, the Volvo EX90 has already been postponed for the second time. Tesla has also had to postpone the start-up of the second battery generation.
Meanwhile, we are no longer in the development stage of XBUS, but are now in the industrialisation phase. The new generation of the XBUS will be launched on the market at the end of 2024/beginning of 2025 as before. There are some important innovations in the new generation of the XBUS, such as improved modularity and a production concept that will allow us to streamline costs significantly so that we can maintain the price already communicated or only have to increase it slightly. This is also important news in view of the significant increase in manufacturers' prices!
We will be able to present the New Generation XBUS to you at a dealer event as early as November.
We are building up corresponding structures within the company for the successful cooperation with our Dutch manufacturing partner VDL. To this end, we were able to recruit our own developers within a short period of time, who are already working in Eppertshausen, Munich and, in the future, in a joint project house in the Netherlands. Last but not least, a new management team around the new CEO Max Brandt, Alexander Klaus as the new CFO and Felix Demandt as the new COO will contribute to the further development of the company's strengths.
What is the future of Evetta?
The way Evetta was originally planned, ElectricBrands will not have it. There are several reasons for this. Firstly, we are processing the feedback from the community, the feedback from our developers and the feedback from the market.
We have therefore fundamentally developed the product further, because we believe in a small car in the light vehicle segment. Therefore, the Evetta will exist, also in a timely manner, but in a new concept in which we have taken important parameters into account.
The new concept will take into account the fact that families in particular, including a third person, want to get from A to B in a safe and ecologically sound way. As a vehicle, it will be safer, more sustainable, more ecologically sensible and, of course, electrified. The overall concept of the new Evetta is designed for inner-city and suburban mobility for families, friends, commuters and many more.
What is the financial situation at ElectricBrands?
First of all, you have to look at start-up financing in Germany. This is much more difficult and the hurdles are much higher than in other European countries.
Because of this, ElectricBrands has relied on strong self-financing from the beginning and continues to do so. At the beginning of the year, we were also able to win VR Bank Schmalkaden as our first investor and this investment is to be further expanded.
ElectricBrands is financially well positioned as a start-up, because we are not pushing a mountain of debt in front of us and are able to convince investors to invest in ElectricBrands.
We will set up production of the XBUS with VDL in the Netherlands, the Evetta is still under discussion. VDL is not only a production partner, but also a very strong financial and economic partner in the background. However, it should be mentioned here that we are not affiliated companies and VDL accordingly does not hold any shares in ElectricBrands. Our independence is a great asset for us, of which we are justifiably proud.
What is the status of preparations at VDL for series production?
Our engineers, as well as VDL, are already working on the industrialisation and the alignment of the set-up of the production lines in the Netherlands.
What are the upcoming milestones? Why hasn't ElectricBrands been heard from much lately?
The fact that we haven't been heard from much more is something that a start-up has to afford or be allowed to afford from time to time. We have concentrated and focused very strongly on industrialising a vehicle. That's why we've done a lot in this regard over the years, which now puts us in a position to implement industrialisation.
Another milestone for the future is the pre-production vehicles, which are planned for the period June to August next year.
In parallel, we are developing the completely revised Evetta. Here we would like to take the further steps towards industrialisation in the coming year. At the moment we cannot say when the Evetta will come, but we will communicate this when the corresponding schedule is final. "