Fox e-mobility AG preliminary results 2023

fox e-mobility AG, a European electric vehicle player specializing in the production, marketing and development of low-cost compact electric cars, has revealed its preliminary unaudited key figures for the financial year 2023. During this period , the company has not recorded any revenue related to vehicle sales, being still in the development phase.

However, thanks to various cost reduction measures and exceptional income of 1.8 million euros (extinguishment of debt), fox e-mobility achieved a net profit of 0.8 million euros for the financial year 2023, compared to a preliminary net loss of 2.3 million euros in 2022. The company also reported an amount in equity of 68.6 million euros as of December 31, 2023, with liabilities amounting to 5.4 million euros, all less than five years and non-bank, and provisions of 0.8 million euros.

Full, audited annual financial results for 2023 are expected to be released no later than May 31, 2024. These preliminary results reflect the company's cost-cutting efforts and financing strategies as it awaits the start of sales of its vehicles.