Next.e.GO (NASDAQ:EGOX) stock began trading on the Nasdaq last week but has already fallen considerably from its public debut price. Next.e.GO, known as e.GO, is an electric vehicle (EV) company headquartered in Aachen, Germany. The company’s special purpose acquisition company (SPAC) business combination with Athena Consumer Acquisition valued it at roughly $900 million.
e.GO produces its e.wave X EV at its micro factory plant in Germany. The vehicle starts at about $26,500, while about 1,200 have already been produced. According to CEO Ali Vezvaei, the e.wave X already has “thousands and thousands” of orders. Over 1,000 of these vehicles were already on the road in Germany as of July 2022.
EGOX Stock: 10 Things to Know as EV Maker Next.e.GO Starts Trading
e.GO’s public SPAC debut follows several unsuccessful EV SPAC debuts. For example, Lucid (NASDAQ:LCID), Fisker (NYSE:FSR) and Nikola (NASDAQ:NKLA) all went public through SPACs in recent years. Since then, all three companies have all-time losses of at least 40% each. However, Vezvaei believes that e.GO differentiates itself due to its technology and manufacturing process.
“We are not just another EV company adding to the noise, or trying to get across the finish line [by going public],” said the CEO. “Our main focus is production technology. We have EV tech that we believe is the right fit for the current time, along with super unique production tech.”
With that in mind, let’s take a look at 10 things to know about e.GO:
- e.GO already has plans to build additional micro factories in the U.S. and Europe over the next few years.
- The company also plans to start production in North Macedonia next year.
- Each micro factory costs around $60 million with the capacity to produce 30,000 EVs per year.
- Athena founder Isabelle Freidheim said that e.GO was able to raise money due to its differentiated intellectual property (IP).
- Vezvaei has echoed this statement and noted how the company’s micro factories incorporate artificial intelligence (AI) and robotics into the production process.
- e.GO currently has a target market for lower-priced vehicles.
- The e.wave X utilizes 11 kilowatt (kW) smart charging and has a city range of 250 kilometers, or 155 miles.
- The model’s WLTP combined range clocks in at about 101 miles.
- The vehicle uses a lithium-ion battery and has a top speed of about 84 miles per hour.
- “This is not yet just another EV company, but a company that actually makes cars,” said Freidheim. “So this is very attractive from an investor’s point of view.”
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
