Core Viewpoint - Zapp Electric Vehicles Group Limited has made significant operational advancements, positioning itself to scale production of its i300 electric vehicle as it enters key urban markets, particularly in Southeast Asia, Europe, and India [1][5]. Recent Developments - The company has successfully configured and opened a micro-factory in Thailand, capable of producing up to 21,500 units annually for both domestic and export markets [7]. - The i300 has received nine design awards, including the prestigious iF DESIGN AWARD and the Red Dot Award, validating its market readiness [5][7]. - Zapp has completed homologation for the i300 in Thailand and is in the process of obtaining type approval in Europe, with plans for a commercial rollout upon receipt [7]. Operational Highlights - The commercial rollout of the i300 in Thailand employs an omni-channel strategy, including direct sales and a unique delivery model [7]. - The company has optimized its manufacturing processes, allowing for rapid scaling to meet demand in various markets [5][7]. 2024 Financial Results - Zapp reported a net loss of 222.1 million in the previous year [7][16]. - Operating loss decreased to 7.8 million year-over-year, indicating improved operational efficiency [7][16]. - Net cash used in operating activities was 6.5 million in 2023, reflecting better cash management [7][18]. Financial Position - As of September 30, 2024, Zapp had cash and cash equivalents of 823.2 thousand in the previous year [15][18]. - Total assets decreased to 7.34 million, while total liabilities increased to 25.78 million [15].
Zapp EV Reports Fiscal Year 2024 Financial Results