Aachen-based electric vehicle (EV) manufacturer Next.e.GO Mobile has unveiled plans to build three new microfactories in Europe and the U.S. over the next few years. This expansion comes ahead of the company’s listing on the Nasdaq exchange on Friday. CEO Ali Vezvaei revealed the plans, stating that in addition to a planned facility in North Macedonia slated for 2024, the company aims to construct another European plant and one in the U.S., to benefit from the U.S. Inflation Reduction Act’s subsidies.
Each microfactory, costing around $60 million, is designed to be highly automated and capable of producing approximately 30,000 EVs annually. “The urban segment we serve is underserved, and there’s no need for us to compete in the premium and luxury markets,” said Vezvaei.
The company is set to go public via a merger with Athena Consumer Acquisition, a special purpose acquisition company (SPAC). The deal will value Next.e.GO Mobile at roughly $900 million, along with raising $235 million in cash and $50 million in debt financing. Once listed, the company will trade under the ticker symbol EGOX.
Next.e.GO Mobile currently produces the e.Wave X, a four-seater small urban EV priced at 24,990 euros ($26,457). Production for the model occurs at the company’s existing plant in Aachen, Germany. Although specific order numbers were not disclosed, Vezvaei mentioned they number “in the thousands.”
Isabelle Freidheim, Chair of Athena, remarked on the company’s unique position: “This is not just another EV startup; this is a company that already makes cars. That makes it very attractive from an investor’s point of view.”
The planned expansion and listing arrive during a time when many EV startups, buoyed by an earlier surge in SPAC mergers, have struggled to produce vehicles at scale and secure consistent funding. Unlike many of its peers, Next.e.GO Mobile has already generated revenue, setting it apart in the competitive EV landscape.
