There’s a new electric vehicle company on Wall Street.
- German electric vehicle company e.Go has officially gone public on the NASDAQ trading under the symbol ‘EGOX'
- e.Go went public through a SPAC transaction with Athena Consumer Acquisition Corporation
Why it matters:
- Electric vehicles are showing relentless growth amid the global push towards net zero emissions
- While the electric vehicle space is seemingly dominated by giants such as Tesla (NASDAQ: TSLA) there are still new startups getting funded with potentially disruptive technology
- e.Go is building smaller factories that aim to reduce production timelines and their environmental footprint
- A main area of focus for e.Go is on innovative production technology that they believe will allow them to profitably manufacture low priced electric vehicles for North America and Europe
By the numbers:
- Their first manufacturing facility based in Germany is capable of producing 30,000 vehicles per year
- Each new facility is estimated to cost approximately $60M to build
- The final assembly time for each vehicle is 290 minutes
- To reduce costs inside of e.Go's smaller facilities they are leveraging artificial intelligence and robotics to assist with vehicle assembly