In a breakthrough in battery technolocy, it takes just 5 minutes to fast-charge for a 200km autonomy (20 kWt battery), with 3 hours to charge over a standard 220V power supply. The car is almost maintenance-free, with just tyre changes required with the first 150,000 km.
The Electric Vehicle (EV) market is set for continued strong growth in China, Europe and the US, thanks in part to increased customer acceptance. In Norway, for example, last month saw 58% of new car sales being EVs.
The MIA comes in 3 models: the MIA, MIA L and MIA U, with an entry-level price of €13,000 ($15,000). With government incentives / subsidies, the nett price is then reduced to €7-8,000. The next model will be the MIA 242 at a price of €20k+.
The MIA is targeted for car-sharing fleets, individual and family use and well as light industrial use, e.g. postal deliveries.
In their plan to go to market, they have started their roadshow in Dubai, currently in Europe and will then go on the US. This is coupled with a capital increase in 2019 Q2 of €6 million (5 million new shares), with another €10 million in 2019 Q3-4 (convertible bonds), with production to re-start in 2019 Q4, with full production in 2020 Q1.
The event was held at the launch of the Luxembourg Growth Forum, an initiative of Shimoda Capital Partners SA and Swiss Growth Forum, which offers an ongoing series of events whereby companies will present, over luncheon or cocktail evenings, to interested parties. The presenting companies will be either capital raising or seeking to build market exposure / investor relations, either as a listed entity or pre-IPO / private company. The Luxembourg Growth Forum is led by Andreea Porcelli and David Mapley of Shimoda Capital Partners.