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Sales of E-bicycles halved, Total revenue fell 25.8% CHANGZHOU, China, Jan. 20, 2023 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a leading short-distance transportation solutions provider in China, today announced its audited financial results for the fiscal year ended September 30, 2022 (the "Fiscal Year 2022"). Fiscal Year 2022 Financial Summary (all results compared to the prior fiscal year unless otherwise noted) Revenues were $17.4 million, a decrease of 25.8%, primarily as a result of the decline in volume and price of the e-bicycle business fell. Net loss was $7.5 million, compared to net loss of $3.4 million. Basic and diluted loss per share attributable to shareholders was $0.48, compared to $0.27 in the same period last year. Management Commentary Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "The operating revenue in Fiscal Year 2022 was about $17.4 million, down 25.8% YoY ("Year on Year"). The main reason for the decline in revenue was that the volume and price of the e-bicycle business fell, and sales revenue nearly halved YoY. Although the revenue of the lithium battery business increased by nearly two-thirds, it did not offset the impact of decline in our e-bicycle business." "The sales revenue of e-bicycles was US$9.4 million, down 48.4% YoY. The main reason for the decline was that the production, supply chain and channel marketing were all adversely affected significantly by the repeated outbreak of the epidemic. The revenue of batteries and battery packs was about US$7.0 million, up 63.0% YoY. The increase in revenue of the batteries was mainly due to the continuous relationship with new customers and long-term customers." Mr. Jianhui Ye, concluded, "Looking forward to the future, the new sales model will be gradually promoted and implemented, and new products will be introduced to the market. In addition, it is expected that the sales of e-bicycles will gradually recover with the lift of COVID-19 epidemic control measures. In the future, the Company will still take "differentiated positioning and ladder innovation" as the strategic orientation, develop and design products to meet the needs of consumers at different levels. Through the expansion of the sales network, we will continue to dig deeper into the domestic market, gradually expand the overseas market, and comprehensively distribute the whole category of two-wheel electric vehicles, lithium batteries and other products." Fiscal Year 2022 Financial Review The following table identifies the disaggregation of our revenue from continuing operations and reportable segments for the fiscal years ended September 30, 2020, 2021 and 2022, respectively: Years Ended September 30, Segment 2020 2021 2022 Sales of batteries and battery packs Battery cells and packs segment $ 3,148,156 $ 4,288,366 $ 6,990,215 Sales of e-bicycles E-bicycle sales segment 11,165,290 18,232,537 9,405,103 Others 929,836 901,103 993,899 Net Revenue $ 15,243,282 $ 23,422,006 $ 17,389,217 The decrease in revenue from the fiscal year ended September 30, 2021 (the "Fiscal Year2021") to Fiscal Year 2022 was mainly due to the decrease of sales of e-bicycles which was partially offset by the increase of sales of batteries and battery packs. The sales of e-bicycles decreased by 48.4% to $9,405,103 for Fiscal Year 2022 from $18,232,537 for Fiscal Year 2021 due to the decreased unit price and the decreased sales volume of the e-bicycles under the fierce competition in the e-bicycle industry. The revenue from sales of battery packs for Fiscal Year 2022 was $6,990,215, compared to $4,288,366 for Fiscal Year 2021. We continued to boost sales of our battery packs due to the increasing market demand and the increase of unit price during Fiscal Year 2022. Our sales price of battery packs increased by approximately 60% for Fiscal Year 2022 compared to Fiscal Year 2021. Cost of revenues Our cost of revenues decreased by $5,869,350, or 25%, to $17,170,178 for Fiscal Year 2022 from $23,039,528 for Fiscal Year 2021, which was primarily due to the decrease of manufacturing and purchase cost of e-bicycles for sales of e-bicycles, which is in line with the decrease of revenues. Gross profit Gross profit for Fiscal Year 2022 was $219,039, or 1% of net revenues. Gross profit margin for Fiscal Year 2022 decreased from 2% to 1%, primarily due to the negative margin of sales of e-bicycles, which accounts for a large proportion of our total revenue. The decrease of gross profit margin was primarily because the average selling price of our e-bicycle decreased by 12% for Fiscal Year 2022. Also, the cost of raw materials increased due to adverse impact of COVID-19 pandemics that caused repeated shutdown in factory production. Selling and marketing expenses EZGO's selling and marketing expenses decreased by $550,297, or approximately 35%, to $1,008,422 for Fiscal Year 2022 from $1,558,719 for Fiscal Year 2021, was primarily due to the decrease of exhibition expenses, advertising and promotion expenses. Exhibitions and many sales activities were cancelled or affected by COVID-19 pandemic under zero-COVID policy in 2022. The advertising expenses decreased $115,697 or 66% from $174,566 in Fiscal Year 2021 to $58,869 in Fiscal Year 2022. The exhibition expenses decreased $152,955 or 81% from $188,177 in Fiscal Year 2021 to $35,221 in Fiscal Year 2022. General and administrative expenses General and administrative expenses increased by $2,972,046, or 110%, to $5,673,224 for Fiscal Year 2022 from $2,701,178 for Fiscal Year 2021. The increase was primarily attributed to 1) the increase of share-based compensation expense, management salaries and employee bonus; 2) the increased depreciation and amortization for the acquired land use right and buildings; and 3) the increased expenses in research and development activities for new e-bicycles models. Income tax expense/benefit EZGO incurred an income tax loss of $527,119 for Fiscal Year 2022. The reason is that the Company accrued valuation allowance for deferred tax assets of $1,755,296 for Fiscal Year 2022, based on the assessment that it is more likely than not that the Company will not create enough future taxable income to fully utilize its deferred tax assets. Net income/loss As a result of the foregoing, we recorded a net loss of $7,468,830 for Fiscal Year 2022, as compared to a net loss of $3,413,644 for Fiscal Year 2021. For additional information, please see EZGO's Annual Report on Form 20-F for the fiscal year ended September 30, 2022, which was filed with the U.S. Securities and Exchange Commission on January 20, 2023. About EZGO Technologies Ltd. Leveraging an Internet of Things (IoT) product and service platform and three e-bicycle brands, "EZGO", "Cenbird" and "Dilang", EZGO has established a business model centered on the manufacturing and sale of two- and three-wheeled electric vehicles, lithium batteries, complemented by the e-bicycle charging pile business. For additional information, please visit EZGO's website at www.ezgotech.com.cn. Investors can visit the "Investor Relations" section of EZGO's website at http://www.ezgotech.com.cn/Investor/. Exchange Rate This announcement contains translations of certain Chinese Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1135 to US$1.00, the exchange rate in effect as of September 30, 2022, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the short-distance transportation solutions market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission ("SEC"), including the Company's most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
WASHINGTON, Jan. 19, 2023 /PRNewswire/ -- The Alliance for Automotive Innovation (hereinafter, 'the Alliance'), the nation's largest automobile association in the U.S., announces that Envision AESC has become the new member of it with BASF, LG Energy Solution, McLaren Automotive, and Qualcomm, jointly to drive innovation advancement that helps guide the industry's transition for a cleaner, safer, and smarter future. Japan-based AESC, is recognized by the Alliance as a global leading battery technology company with a strong commitment to investment as part of its growing footprint in the U.S.. In 2022, Envision AESC announced to build two gigafactories in Kentucky and South Carolina, to provide advanced battery solutions for BMW Group, Mercedes-Benz and other leading automotive manufacturers. Together with the existing plant in Tennessee, the company is committed to achieving a total output of 70 GWh/year in the U.S., helping accelerate the country's transition to electric vehicles. As a world-leading pioneer in advanced battery technology, AESC is on track to achieve global battery manufacturing capacity of 300 GWh by 2026, powered by net-zero energy. Shoichi Matsumoto, CEO of AESC, said: "The US is one of our most important global markets and presents enormous opportunities for technology advancement to support transformation of transport systems and the e-mobility sector. We are delighted to partner with members of the Alliance to continually drive innovation and jointly create an electrification ecosystem, encouraging growth of the whole value chain and creating thousands of high value jobs in the U.S..' John Bozzella, President and CEO of the Alliance for Automotive Innovation, welcomed AESC as a new member of the alliance: 'Our association represents the entire automotive industry – automakers, innovators, semiconductor and battery manufacturers and a range of suppliers. Each of these new members adds valuable perspective to our collective work on the future of mobility.' Founded in 2020, the Alliance for Automotive Innovation is comprised of the manufacturers producing nearly 98% of new cars and light trucks sold in the U.S., including BMW Group, BOSCH, Ford, GM Motors and Volvo. It also includes motor vehicle manufacturers, original equipment suppliers, technology and other automotive-related companies and trade associations. About Envision AESCEnvision AESC is a global battery technology company headquartered in Zama, Japan, and committed to research, development, design, manufacturing and sales of power batteries for EVs and energy storage batteries. AESC has 5,600 employees and 12 manufacturing sites in Japan, U.S., U.K., France, Spain and China. In the past 12 years, AESC has produced power batteries for more than 800,000 electric vehicles in 59 countries, achieving a record of 'zero critical battery malfunction.'Its teams work to continuously improve the company's global leadership in product development, quality and sustainable processes. In June 2021, AESC was again named 'Global Tier 1 Battery Companies' by Benchmark, a leading UK-based lithium-ion battery supply chain research organization. Visit https://www.envision-aesc.com/jp/.
DAVOS, Switzerland, Jan. 17, 2023 /PRNewswire/ -- The Chief Minister of Maharashtra, India, Shri Eknath Shinde, has lined up 21 Memorandums of Understanding (MOUs) with leading foreign investors and global companies, worth over $17 billion, at the World Economic Forum (WEF). The investments are estimated to create more than 66,500 jobs over the next few years. These investments are aimed at jumpstarting Maharashtra on its ambitious $ 1-trillion economy goal journey. Of these, the majority are greenfield projects in Data Centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM, which will foster inclusive growth, job creation and sustainable development. Shri Shinde is on a two-day visit to Davos, Switzerland, for the World Economic Forum (WEF). Chief Minister of Maharashtra Eknath Shinde stated: "Maharashtra has been a key driver and contributor to India's economic growth. We are leading the way in delivering ground-breaking investment opportunities and building confidence for the investing community. These MOUs demonstrate the heightened interest in the state and are a testament to Maharashtra's progressive policies and investor-friendly initiatives under our new government. I have presented the progressive policy reforms of my government, making the state a part of the global conversation, to reiterate to political leaders and global investors why Maharashtra is a premier investment destination." Maharashtra also signed the prestigious three-year Platform Partnership with the WEF, a commercial contract for continuous engagements on subjects of strategic importance to the State. The subjects focus on Shaping the Future of Urban Transformation - smart and connected cities, urban resilience, governance, infrastructure & services and resource management – and New Economies and Societies, focusing on entrepreneurship, education & skills, economic growth and job creation. During his visit, Shri Shinde also will be presenting Maharashtra's progressive policies and investor-friendly outlook to key political and government representatives from Luxembourg, Saudi Arabia, and Singapore, among others. About Maharashtra: Maharashtra is one of the most industrialised states in India, contributing 16% to the country's industrial output and 15% to its GDP. The service sector contributes the most to the state's economy, accounting for 62% of its GDP, while the manufacturing sector is the second-largest contributor to the state's economy, accounting for 20% of its GDP. Major industries in Maharashtra include automobiles, engineering, textiles, pharmaceuticals, chemicals, petrochemicals, food processing and IT/ITeS.
BANGKOK, Jan. 13, 2023 /PRNewswire/ -- The Thailand Board of Investment (BOI) announced today that applications for investment promotion in 2022 reached 664.6 billion baht (ca. USD20 billion), an increase of 39% from the previous year's adjusted number, boosted by large foreign direct investments (FDI) in key sectors, including electronics, the electric vehicles (EV) supply chain and data centers, confirming the recovery from COVID-19. Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), announced today that investment pledges by local and foreign investors increased 39% in 2022, boosted by large foreign direct investments (FDI) in key sectors, including electronics, the electric vehicles (EV) supply chain and data centers, confirming the recovery from COVID-19. The numbers were announced after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha, which also approved a coordination mechanism to facilitate multinational companies' applications to setup regional headquarters in Thailand, a plan to encourage the production and use of renewable energy, to achieve the country's net zero greenhouse gas emission target, and three large investment projects. "The increase in applications we saw in 2022 came in large parts from global leaders, such as BYD Auto, Foxconn and Amazon Web Services, showing their confidence in Thailand as a resilient and investor-friendly location for investments in the industries of the future," Mr. Narit Therdsteerasukdi, Secretary General of the BOI, told reporters at a press conference held at Government House after the meeting. "This augur well for 2023 when we expect the same sectors to attract more new investments." 2022 Investment Pledges up 39% Local and foreign investors filed a total of 2,119 applications for investment promotion, worth a combined 664.6 billion baht, up 39% from a revised 478.9 billion baht the previous year, led by investments in the electronics and electrical appliances sector with 129.5 billion baht. The second largest sector in terms of the combined value of applications was the automotive sector with 105.4 billion baht. Applications for investments in the EV supply chain alone, including pure EV, Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and batteries, amounted to almost 54 billion baht. Investments in data centers amounted to 42.5 billion baht. Meanwhile, FDI projects increased 36% from the previous year to 433.971 billion baht, representing 65% of total pledges. Investments from China topped the FDI value rankings with 158 projects worth a combined 77.4 billion baht, followed by Japan with 50.8 billion baht for 293 projects, the U.S. with 50.3 billion baht for 33 projects, Taiwan with 45.2 billion baht for 68 projects, and Singapore with 44.3 billion baht for 178 projects. The Eastern Economic Corridor (EEC), Thailand's prime industrial area comprising Chonburi, Chachoengsao, and Rayong provinces, topped the regional ranking attracting 358.8 billion baht worth of investment, an increase of 84% from 2021. Coordination mechanism to facilitate HQ applications In a move meant to enhance Thailand's position as a regional headquarters destination, the board approved the setup of a one-stop service called the HQ Biz Portal. The portal will be providing a comprehensive list of consultation and facilitation services for companies considering the establishment of regional headquarters, consisting of an online appointment system and information center allowing access to the four agencies regulating such operations, namely the BOI, the Revenue Department, the Department of Business Development, and the Bank of Thailand. The BOI will act as the system's coordinator. "The current geopolitical tensions and global economic outlook are causing investors to look for safe investment areas, providing an important opportunity for Thailand to use this period to attract companies to setup or relocate regional headquarters here," Mr Narit told reporters. "By creating a one-stop mechanism to centralize all necessary information and provide comprehensive consultation and facilitation in the approval and permission processes, the BOI will help investors save time in obtaining a license to establish a regional office and reinforce Thailand's status as an international business center and regional trade gateway." Plan to facilitate the procurement of renewable energy To recognize and support both existing and new investors' needs to meet their sustainability and renewable energy goals, including the Sustainable Development Goals (SDGs) and the RE100 global initiative, and reduce companies' long-term energy risks, the Board approved, in principle, to assign the Ministry of Energy and related agencies to accelerate the implementation of a Utility Green Tariff mechanism, providing renewable energy from specific sources. The new mechanism is expected to become an effective tool to attract global investors. Project Approvals The board today gave its approval to three large scale investment projects in target sectors worth a combined 15.8 billion baht, as per the following details: BYD Auto Components (Thailand) Co., Ltd. received approval to invest 3.89 billion baht in a facility to produce batteries for both pure electric vehicles and plug-in hybrid vehicles. The facility will serve both the domestic and export markets. The project, which will contribute to the development of the local EV supply chain, comes on top of BYD's initial 17.9 billion baht investment, announced and approved last year, to build an EV manufacturing plant with an annual production capacity of 150,000 vehicles. Thai Tokai Carbon Product Co., Ltd. received approval to invest 9.49 billion baht in the expansion of its production of carbon black, an additive used to reinforce tires, based on carbon feed stock oil. TPI Polene Power PCL received approval to invest 2.40 billion baht in a project to produce fuel from waste. For more information, please contact:Thailand Board of InvestmentTel. +66 (0) 2553 8111Website: www.boi.go.thYouTube: Think Asia, Invest Thailand
Zapp’s First Product, the i300 Performance City Bike, with its Carbon Composite Body, Delivers Premium Performance Capabilities to Urban Mobility Riders Unique Charging Solution with Ultra-Lightweight (6kg) Portable Battery Pack that can be Charged via any Standard 220v/110v Wall Socket Innovative Exoskeleton Architecture Integrates Zapp’s Design DNA, Provides Superior Performance Relative to Powered Two-Wheeler (“P2W”) Peers, Reduces Overall Components and Simplifies Manufacturing Assembly Strategic Manufacturing Partnership with Summit Group Already in Place and at Start of Production Asset-Light, Capital Efficient Business Model Aims to Achieve Near-Term Positive Free Cash Flow Estimated Post-Transaction Enterprise Value of $573 Million with up to $274 Million in Net Cash to Fund Growth Assuming No Redemptions by CIIG II stockholders; No Minimum Cash Condition NEW YORK and LONDON, Nov. 22, 2022 (GLOBE NEWSWIRE) -- CIIG Capital Partners II, Inc. (Nasdaq: CIIG) (“CIIG II”), a U.S. publicly-listed blank check company, and Zapp Electric Vehicles Limited (“Zapp” or the “Company”), a UK-based, high-performance two-wheel electric vehicle company, have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company, Zapp Electric Vehicles Group Limited, a Cayman Islands exempted company, is expected to list its ordinary shares on the Nasdaq under the ticker symbol “ZAPP”. Zapp was founded in 2017 by a group of mobility experts with a vision and commitment to bring high-performance to urban mobility through original, advanced design with an emphasis on safety, quality, customer experience and full-cycle sustainability. Zapp’s first product to enter the market, the i300, has received widespread acclaim and consumer interest for its embodiment of these values. Unlike other urban electric bikes, the i300 is built around an innovative exoskeleton architecture and is powered by an advanced British-designed electric motor, which enables it to match the acceleration of high-performance motorcycles in a step-through architecture. A lightweight alloy and composite bodywork allow for a slim total weight of just 108 kg (without battery packs). The i300’s interior permanent magnet electric motor and carbon fiber belt drive combine to drive acceleration from 0 to 30 mph (48km/h) in just 2.3 seconds and from 0 to 60 mph (97km/h) in 5.0 seconds. The i300 utilizes ultra-portable lithium-ion battery packs weighing just 6 kg each. The battery packs can be charged from 20% to 80% via standard 220v/110v wall sockets in under 40 minutes. The portability of the battery packs makes the i300 easy to charge anywhere and at any time without reliance on a public charging network. The i300 is well-positioned to handle the average daily commute for urban drivers. Zapp expects to implement a high-quality direct-to-customer experience called DSDTC (drop-ship-direct-to-customer). Once a customer places an online order, their selected model will be processed and conveniently delivered directly to their home by “Zappers,” who are independent service agents who perform deliveries in dedicated and purpose-designed plug-in hybrid service vans. Zappers also provide at-home inspection, service and support throughout the life of the vehicle. As part of Zapp’s full-stack e-commerce platform, customers are expected to have access to highly competitive leasing and insurance solutions. Zapp also uses a Gen-2 sustainability design approach that requires fewer components and assembly steps and bodywork made from composites with green-to-make materials, with substantially all components being recyclable (or in the case of the battery packs, refurbished for a second use at end-of-life). Zapp Investment Highlights Large and Growing ~$130bn1 Global P2W Market: Strong organic and replacement demand for electrification in largely underpenetrated EV two-wheeler market provides an attractive opportunity for Zapp. Innovator in High-Value EV “Urban Motorcycle” Category: Zapp is maximizing the benefits of EV technology through its creation of a new P2W category enabled by its ground-up design for an original and all-new vehicle architecture. Portable and Powerful Battery Pack Technology: Zapp’s differentiated approach to battery packs addresses concerns with range anxiety and charging networks as its removable light weight battery packs can be charged via any standard 220v/110v wall sockets. Highly Innovative Exoskeleton Architecture: Zapp’s innovative exoskeleton architecture lowers weight and creates simplified, efficient and low-cost assembly. Low Capital Requirements Aiming to Achieve Near-Term Positive Free Cash Flow: Zapp has strategic partnerships with major Asian contract manufacturer Summit Group and receivables financing provider EXIM Bank. Diversified and Experienced Management: The management team brings together proven entrepreneurs and professionals with deep domain expertise and thought leadership. “Entering the public markets is an important milestone for Zapp and one we have been diligently working toward since our founding,” said Swin Chatsuwan, Founder and Chief Executive Officer of Zapp. “Combining with CIIG II and becoming a publicly listed company will enable us to scale our business, increase production and fulfill demand for electrification in the largely underpenetrated electric two-wheel market.” Gavin Cuneo, CIIG II Co-Chief Executive Officer, added: “The two-wheel category is large, growing and highly fragmented. As the world quickly moves toward electric mobility, we expect this segment will be a leader globally. We believe Zapp’s combination of high design with high performance will allow them to capture share and take advantage of this momentum. We look forward to completing our business combination and working with Zapp’s world-class team to help accelerate their mission to revolutionize electric mobility.” Transaction Overview The combined company will have an estimated fully-diluted post-transaction enterprise value of $573 million, consisting of an estimated equity value of $852 million, $274 million in new cash to the balance sheet (assuming no redemptions by CIIG II public stockholders), and $5 million in existing cash2. Cash proceeds raised will consist of CIIG II’s approximately $294 million cash in trust, net of redemptions. With no minimum cash condition, the cash in the CIIG II trust account is anticipated to support the Company’s growth capital needs, including Zapp’s production, marketing and sales efforts. It is intended that 100% of existing Zapp shareholders will roll over their equity and, assuming no redemptions and full rollover, own approximately 59% of the pro forma equity of the combined company in connection with the transaction. The business combination has been approved by the boards of directors of both Zapp and CIIG II and is expected to close in the first half of 2023, subject to stockholder approvals and other customary closing conditions. For a summary of the material terms of the proposed transaction, as well as a supplemental investor presentation, please see the Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission (the “SEC”). Additional information about the proposed transaction will be described in CIIG II’s proxy statement relating to the business combination, which it will file with the SEC. Advisors SPAC Advisory Partners, a division of Kingswood Capital Partners, is serving as exclusive financial advisor to Zapp Electric Vehicles. Latham & Watkins LLP is serving as legal advisor to Zapp Electric Vehicles. Weil Gotshal & Manges LLP, and Orrick, Herrington & Sutcliffe LLP are serving as legal advisors to CIIG Capital Partners II. Gateway Group is serving as Global Investor Relations Advisor and Media Relations for North America. Influence Mobility is serving as Global Media Relations for Zapp Electric Vehicles. Further Information On The Transaction For further information on the proposed transaction, please visit ciigpartners.com or the investor section of zappev.com. About CIIG Capital Partners II, Inc CIIG Capital Partners II, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CIIG II’s units, Class A common stock and warrants trade on the Nasdaq under the ticker symbols “CIIGU,” “CIIG,” and “CIIGW” respectively. About Zapp Zapp Electric Vehicles Limited is a British company – run by a team of experts from the mobility industry – on a mission to redefine the electric two-wheeler segment. Launching its debut product in June 2022, Zapp created the i300 as an urban electric high-performance two-wheeler capable of traditional motorcycle levels of performance in a step-through format, combining ease of use with exhilaration and fun. The i300 is the first in a suite of high-performance electric two-wheelers expected to come to market from Zapp. Zapp is expected to operate a high-quality direct-to-customer (DTC) experience called DSDTC (drop-ship-direct-to-customer). Customers ordering the i300 online will have their bikes conveniently delivered to their home by “Zappers” who provide at-home inspection, service and support throughout the vehicle ownership lifecycle. Investor Relations Contact: Gateway Investor Relations Cody Slach, Ralf Esper (949) 574-3860 zapp@gatewayir.com North America Media Relations Contact: Gateway PR Zach Kadletz (949) 574-3860 zapp@gatewayir.com Global Media Relations Contact: Influence Nick Francis +44 7767615115 pr@zappev.com Forward-Looking Statements This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed business combination (the “Business Combination”) between Zapp, CIIG II and Zapp Electric Vehicles Group Limited (“PubCo”), including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the anticipated growth in the industry in which Zapp operates and anticipated growth in demand for Zapp’s products, projections of Zapp’s future financial results and possible growth opportunities for Zapp. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “budget,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of CIIG II’s securities, (ii) the risk that the transaction may not be completed by CIIG II’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by CIIG II, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the stockholders of CIIG II, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed Business Combination, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, (vi) the effect of the announcement or pendency of the transaction on Zapp’s business relationships, performance, and business generally, (vii) risks that the proposed Business Combination disrupts current plans of Zapp or diverts management’s attention from Zapp’s ongoing business operations and potential difficulties in Zapp’s employee retention as a result of the proposed Business Combination, (viii) the outcome of any legal proceedings that may be instituted against Zapp, PubCo, CIIG II or their respective directors or officers related to the proposed Business Combination, (ix) the ability of PubCo, CIIG II or a successor thereto to maintain the listing of its securities on The Nasdaq Stock Market LLC, (x) volatility in the price of the securities of PubCo, CIIG II or a successor thereto due to a variety of factors, including changes in the competitive and highly regulated industries in which Zapp plans to operate, variations in performance across competitors, changes in laws and regulations affecting Zapp’s business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed Business Combination, and identify and realize additional opportunities, (xii) the risk of downturns in the highly competitive electric vehicle industry, (xiii) the ability of Zapp to build the Zapp brand and consumers’ recognition, acceptance and adoption of the Zapp brand, (xiv) the risk that Zapp may be unable to develop and manufacture electric vehicles of sufficient quality and on schedule and scale, that would appeal to a large customer base, (xv) the risk that Zapp has a limited operating history, has not yet released a commercially available electric vehicle and does not have experience manufacturing or selling a commercial product at scale and (xvi) the risk that Zapp may not be able to effectively manage its growth, including its design, research, development and maintenance capabilities. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of PubCo’s registration statement on Form F-4, the proxy statement/prospectus discussed below, CIIG II’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed by PubCo, CIIG II or a successor thereto from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements in this document represent the views of PubCo and CIIG II and Zapp as of the date of this document. Subsequent events and developments may cause that view to change. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. Zapp, PubCo and CIIG II assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of Zapp, PubCo nor CIIG II gives any assurance that Zapp, PubCo or CIIG II will achieve its expectations. The inclusion of any statement in this document does not constitute an admission by Zapp, PubCo or CIIG II or any other person that the events or circumstances described in such statement are material. Additional Information and Where to Find It This document relates to the proposed Business Combination between CIIG II, Pubco and Zapp. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. In connection with the Business Combination, PubCo intends to file a registration statement on Form F-4 (as may be amended from time to time, the “Registration Statement”) including a preliminary proxy statement of CIIG II and a preliminary prospectus of PubCo, and after the Registration Statement is declared effective, CIIG II will mail a definitive proxy statement relating to the Business Combination to CIIG II’s stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of CIIG II’s stockholders to be held to approve the Business Combination (and related matters). PubCo and CIIG II may also file other documents with the SEC regarding the Business Combination. CIIG II stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about Zapp, PubCo, CIIG II and the Business Combination. When available, the definitive proxy statement and other relevant materials for the Business Combination will be mailed to CIIG II stockholders as of a record date to be established for voting on the Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents filed or that will be filed with the SEC by CIIG II through the website maintained by the SEC at www.sec.gov, from CIIG II’s website at https://ciigpartners.com/ or by written request to CIIG II at 40 West 57th Street, 29th Floor, New York, New York 10019. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation CIIG II, Pubco and Zapp and their respective directors and officers may be deemed to be participants in the solicitation of proxies from CIIG II’s stockholders in connection with the proposed Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of CIIG II’s stockholders in connection with the proposed transactions will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find more information about CIIG II’s directors and executive officers in CIIG II’s final prospectus filed with the SEC on September 14, 2021. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed Business Combination may be obtained by reading the proxy statement/prospectus regarding the proposed Business Combination when it becomes available. You may obtain free copies of these documents as described in the preceding section. No Offer or Solicitation This document is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of PubCo, Zapp, CIIG II or any of their respective affiliates. No such offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom. The contents of this document have not been reviewed by any regulatory authority in any jurisdiction. ____________________________ 1Source: Fortune Business Insights. TAM figure includes internal combustion engine vehicles and represent 2022 figures. 2 Projected balance as of February 2023
HA TINH, VIETNAM - Media OutReach - 18 November 2022 - Today, VinES Energy Solutions Joint Stock Company (a member of Vingroup) and Gotion Inc.（a wholly owned subsidiary of Gotion High-Tech), held the Groundbreaking Ceremony the LFP battery cell factory in Vung Ang Economic Zone (Ha Tinh). The project has a total investment of more than VND 6,329 billion ($275 million USD), a scale of 14 hectares (34.5 acres) with a design capacity of 5GWh/year, equivalent of approximately 30 million battery cells per year. The groundbreaking ceremony of VinES and Gotion joint venture LFP battery factory The joint venture LFP battery cell factory, funded by VinES and Gotion, is situated in Lot CN4-5 in the construction subdivision planning of Central Industrial Park CN4, CN5, Vung Ang Economic Zone, Ha Tinh, Vietnam. The factory's products are rechargeable LFP (Lithium Iron Phosphate) battery cells, mainly used for EV batteries and energy storage systems (ESS). With a high level of automation and a cutting-edge, optimized production process, the joint venture LFP battery cell factory will fulfill the needs of VinFast's electric vehicles (EVs) that require LFP batteries and ESS products developed by VinES. In the later phase, VinES and Gotion will research and expand the project according to the market's development opportunities and potential. At the Groundbreaking ceremony, Ms. Pham Thuy Linh – CEO of VinES – said: The LFP battery cell factory is a joint venture with our partner – Gotion. It is an essential component in creating battery supply autonomy for VinFast EVs and VinES's development goal to become the preeminent energy solutions company. Located next to the VinES battery pack manufacturing in the Vung Ang Economic Zone, this new factory will complete the closed loop production of LFP Batteries in Vietnam, thereby improving localization for VinFast's EVs and optimizing production efficiency. In addition, the factory will also open up new development opportunities for the Vietnamese EV and clean energy industry." Mr. Li Zhen, Chairman of Gotion High-Tech, said: "Vingroup is a highly respected enterprise in the world. We are very honored to cooperate with VinES of Vingroup, to build the factory and contribute to the energy revolution, climate friendly and economic development of Vietnam. The VinES Gotion Ha Tinh Battery factory is an integral part of Gotion's globalization strategy and the first LFP battery factory in Vietnam. I firmly believe that the battery factory will boost the development of Vietnam's new energy industry with the cooperation of both sides, and jointly contribute to the energy revolution and climate friendliness of human society." The facility will be the first LFP battery plant in Vietnam and will begin mass production in the third quarter of 2024 and is expected to create approximately 500 new jobs for the local community. This is an important part in Vingroup's "3-prong" battery strategy: (1) Buying batteries from the world's best manufacturers, (2) Cooperating with partners to produce the world's best batteries and (3) In-house battery production research and development. In December 2021, VinES started constructing a battery manufacturing and packaging factory with a scale of 8 hectares (20 acres) in the first phase, and a total investment of VND 4,000 billion. After 11 months of construction, the factory is in the final stages of completion and will begin operations in December 2022, producing Lithium batteries for VinFast electric vehicles and e-buses. Hashtag: #Vingroup #VinESAbout VinESVinES Energy Solutions specializes in the R&D and the manufacturing of advanced batteries for mobility and energy storage applications. VinES cooperates with many world-leading battery cell manufacturers and is investing in modern battery manufacturing plants in Vietnam. For more information, visit https://vines.net.vn/. About Gotion High-TechGotion High-tech Co., Ltd. is a world-leading provider of new energy solutions. It focuses on the R&D, production and sales of EV lithium-ion batteries and ESS batteries, and ranks among the top in China and the global market in terms of comprehensive strength. For more information, visit https://en.gotion.com.cn/
A12 藝術空間
Electric Vehicles
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