Fox e-mobility to revive the Mia 2.0
Plans for the market launch of the Mia 2.0 electric car are being revived. After announcing last year that production of the small car would start at the beginning of 2020, production is now planned for the first quarter of 2023.
Fox e-mobility AG presented itself as the new manufacturer of the vehicle at the same time as announcing production plans. The change of ownership is taking place as follows: The failed Mia 2.0 manufacturer Fox Automotive Switzerland AG has been acquired by Catinum AG in the course of a “reverse IPO”, i.e. it had already discontinued its operations and was now only acting as a so-called shell company. The Annual General Meeting of Catinum AG has now approved the acquisition in the form of a capital increase against contribution in kind with a volume of 69.6 million euros. At the same time, the name of Catinum AG will be changed to fox e-mobility AG.
So much for the somewhat complicated ownership structure. German-based fox e-mobility AG says that it intends to focus on the European development and production of battery electric vehicles in the low-cost segment for all major European markets. The company’s shares will initially be listed on the open market of the Düsseldorf stock exchange. The company will be managed by Philippe Perret (CEO), Ulrich Hoernke (CFO) and Dr Christian Jung (CTO).
Fox plans to start production of the new Mia 2.0 in the first quarter of 2023, based on the Mia 1.0, which was originally designed by VW and Mercedes-Benz designer Murat Guenak. The successor is to be equipped with what the company says is “state-of-the-art battery technology and latest drive systems” and will also score points with its design concept of “compact exterior vs. large interior”, its central driver position and space-saving double sliding doors. Fox cites 16,000 euros (incl. VAT and before subsidies) as the future end consumer price.
“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” says CEO Philippe Perret. “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.” The new manufacturer said that since Mia 1.0 was already been granted road approval for Europe, the time to market launch of the new Mia 2.0 can be comparatively short. “As more than 150m euros were already invested into MIA 1.0 the remaining financing needs are also relatively modest compared to other new vehicle developments”.
In future, fox’s business model is to be based on three sources of income: the Mia 2.0 vehicle program for Europe, a licensing program for countries outside the EU and the sale of CO2 credits to other OEMs. The company is said to be able to operate without any legacy issues. The manufacturer also wants to maintain an “extremely lean structure” and outsource the production of the new Mia. The goal is to keep costs low and achieve margins above the segment average of the automotive industry. Fox expects to reach the break-even point as early as 2023, the year of the expected market launch.
“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,” says CTO Dr Christian Jung. “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”.
The French electric car manufacturer Mia Electric, which was founded in 2010, originally breathed life into the Mia but went bankrupt after four years. In 2015, the insolvent company’s assets were auctioned off to an anonymous buyer for 800,000 euros. Fox Automotive Switzerland AG subsequently came into possession of all rights of the Mia Electric Vehicle brand, including patent and trademark rights. But even then the company did not get beyond prototypes of the Mia 2.0.
With reporting by Cora Werwitzke, France.