CEO Update March 23

Dear shareholders,

Since its founding in 2010, Clean Motion has been focused on delivering innovative, truly sustainable, and cost-effective transportation solutions, characterized by resource and energy efficiency. 2022 was a very exciting and interesting year, during which we were able to present EVIG, our new cargo vehicle, to the public in October. Through the option program TO1, we also secured financing for the future. Intensive development work during 2022 and the beginning of 2023 means that we are close to achieving type approval for the EU. It is a fantastic job that has been done within the organization with limited resources. I would argue that we also work very resource-efficiently in the development organization. My plan has been to deliver the first customer vehicles during the first quarter of 2023, but it now seems that this will only happen during the second quarter. Material procurement is underway.

During the fall, we have increased our recruitment pace and our latest addition is our newly-appointed CFO, Ulf Rask. We are building an organization that transitions from focusing on development to focusing more on production and sales. In all parts of the organization, we strive to work resource-efficiently. On the production side, we recently signed an agreement with SVOP AB in Trollhättan, which gives us a fast and flexible scaling of our production capacity while keeping our initial investments low. In terms of sales, we work strategically with larger vehicle fleets, but we are also building a distribution network where we have signed agreements with a distributor for Italy and recently signed a letter of intent with Champion Motors in Israel. The plan is to build a wider distribution network focused on Southern Europe. Regarding sales to larger vehicle fleets, the process often involves a longer sales process where evaluation with test vehicles in customer operations is an important key. We have a number of good potential customers waiting to test vehicles in their operations.

I look forward to soon being able to deliver the first customer vehicles of EVIG, and my ambition remains; during the year, my goal is to achieve profitability for Clean Motion!

Göran Folkesson, CEO

15th of March, Jonsered, Sweden