Atlis Motor Vehicles Expands Agreement with AUSEV to Include Distribution of 1.5MW Charging Stations, XP Platforms, and Battery Packs in Australia; Parties to Explore Battery Cell Production Partnership

Rhea-AI Summary

Atlis Motor Vehicles announced an expanded order from AUSEV for 270 additional 1.5 MW charging stations to support their previous order of 19,000 electric pickup trucks. This collaboration signifies AUSEV's trust in Atlis's capabilities, emphasizing plans for local battery cell production in Australia. CEO Mark Hanchett highlighted the importance of this milestone for shareholders. The charging stations align with Atlis's goal to provide fast-charging work trucks, showcasing a commitment to scalable production and distribution.

Positive

• Expanded order for 270 charging stations indicates strong confidence from AUSEV.
• Partnership with AUSEV for 19,000 XT electric pickup trucks suggests significant market demand.
• Potential for local battery cell production in Australia could enhance operational efficiency.

Negative

• None.

MESA, Ariz., Oct. 11, 2022 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles, a vertically integrated electric vehicle technology ecosystem company, today announces an expanded order from Australia-based AUSEV for 270 of the Company’s 1.5 MW charging stations to support AUSEV’s original order of 19,000 XT all electric pickup trucks signed on August 2, 2022.

Once fulfilled, the chargers will be independently distributed throughout territories in Australia where the XT vehicles will be deployed. The parties intend to explore the potential for local battery cell production in Australia.

“This is an extremely important milestone for Atlis as it underscores the confidence AUSEV has already placed in the Company fulfilling the initial order for 19,000 XT vehicles,” stated Mark Hanchett, Atlis Motor Vehicles’ Founder and CEO. “It is also a meaningful fundamental event for our current shareholders and prospective investors as we maintain and expand our development trajectory as a publicly traded company. These two foundational orders from AUSEV demonstrate our commitment to scaling up production and AUSEV’s growing faith in Atlis. We are grateful for our continued collaboration with AUSEV and expect to extend the AUSEV collaborative and distribution model to other territories.”

“Atlis is focused on providing work trucks with a long range and fast charge time, which is perfectly suited for the Australian market. These charging stations are a natural progression to build on our original order,” said Brendan Kenny, Head of Operations at AUSEV.

“BOSSCAP is a multi-industry company focused on sovereign capability, and the potential of local battery cell production is a very exciting opportunity for us,” stated Terry Mulcahy, Head of Future Business at BOSSCAP.

Atlis trades on Nasdaq under the symbol “AMV.”

About Atlis Motor Vehicles
Atlis Motor Vehicles Inc. is a vertically integrated electric vehicle company committed to electrifying work vehicles. The Company is working toward production of the Atlis XT pickup truck, a 100% electric work truck, and Atlis XP Platform, the skateboard chassis that can be used to power various other models of work vehicles such as last mile delivery vehicles, garbage trucks, cement trucks, vans, RVs, box trucks, and more. At the core of Atlis’s hardware platform is a battery technology capable of charging a full-size pickup truck in less than 15 minutes and a modular system architecture capable of scaling to meet the specific vehicle or equipment application needs.

About AUSEV
AUSEV Pty Ltd (AUSEV) is a subsidiary of BOSSCAP. BOSSCAP is a multi-industry company focused on sovereign capability. AUSEV was established to accelerate the adoption of electric vehicles in Australia, with a focus on RHD 4×4 EVs and has evolved to incorporate not only Pick-ups but also Light, Medium and Heavy-Duty Trucks. The company is committed to offering an end-to-end solution, including servicing, charging and fleet management. AUSEV leverages BOSSCAP’s experience in remanufacturing and distributing ICE (Internal Combustion Engine) vehicles to now offer OEMs a solution to either partially or fully manufacture RHD electric vehicles (EV) locally in Australia.

Forward Looking Statements
Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guaranteeing of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:
PRESS-
Jules Abraham
CORE IR
pr@coreir.com

AMV Contact
Mary Trout
Atlis Motor Vehicles
info@atlismotorvehicles.com

AUSEV Contact
Von Hosking
pr@bosscap.com.au

FAQ

What is the significance of Atlis Motor Vehicles' order from AUSEV on October 11, 2022?

The order signifies AUSEV's confidence in Atlis by expanding from 19,000 electric pickup trucks to include 270 additional charging stations.

What is the stock symbol for Atlis Motor Vehicles?

Atlis Motor Vehicles trades on Nasdaq under the symbol AMV.

How many XT electric pickup trucks has AUSEV ordered from Atlis Motor Vehicles?

AUSEV initially ordered 19,000 XT all-electric pickup trucks from Atlis Motor Vehicles.

What potential opportunity is mentioned regarding battery production in the press release?

The press release mentions the potential for local battery cell production in Australia as part of the collaboration with AUSEV.

When was the original order for 19,000 XT electric pickup trucks signed?

The original order for 19,000 XT all-electric pickup trucks was signed on August 2, 2022.