CEO Update November 22

A very exciting and interesting year, so far for the company! We have now presented EVIG to the public, and we have recently secured financing for the future through the option program. With this financing, we will be able to increase the pace, which among other things means that we will recruit additional resources in sales, production, and finance.

Right now, COP 27 is taking place, perhaps the least exciting event of the year. There, it will be concluded that we are moving in the wrong direction; the world is not keeping up with the pace of the transition, emissions continue to increase, and we are approaching a planet that is nearly 3 degrees warmer. I am appalled by the lack of progress but not particularly surprised. As I have said before, I believe that we will first see the transition in Europe, and especially in the 100 cities that have committed to becoming climate-neutral by 2030.

As for Swedish climate policy, the new government's measures now make it almost self-evident that the climate target for the transport sector by 2030 will not be reached. Regarding the removal of the bonus part in the bonus-malus model, this is very positive for Clean Motion. We have worked in vain for a long time to get fair conditions. Our vehicles have not received any subsidies at all, while much more resource-consuming electric cars have received discounts. By removing the electric car discount, we finally get a competition-neutral playing field. This is very welcome, although I would like to see greater ambition when it comes to reducing the fossil vehicle fleet.

In the company, we are in an intense period, to say the least. During the third quarter, we have created a new website and corporate identity as well as continued our work with development, marketing, and sales efforts for EVIG. On October 20th, we could finally present our results at a packed launch event. I am very proud of the entire organization for achieving so much with such limited resources. On the following page, there are some pictures from the event.

Now follows a continued intense period where the development organization will complete the EU type-approval while production prepares for construction and our sales organization continues to work with our customers.

I am looking forward to the rollout of EVIG, and my ambition is to achieve profitability for Clean Motion next year, and I believe we have the financial conditions to succeed!

Göran Folkesson, CEO