HONG KONG, May 13, 2020 - (ACN Newswire) - Apollo Future Mobility Group Limited ("AFMG", the "Company" ; SEHK stock code: 860.HK; and together with its subsidiaries, the "Group") is pleased to announce that following the recent completion of its rebranding, the Group's new business direction has already yielded positive results. AFMG subsidiary GLM Co., Ltd ("GLM"), has successfully co-developed a new generation of 800V silicon carbide ("SiC") dual inverter with ROHM Co., Ltd. ("ROHM"), a well-known Japanese semiconductor and electronic component manufacturer. This is the first important milestone following the joint announcement made by the two parties on 18 February, 2020 regarding the cooperation. Apollo Automobil, an indirect non-wholly owned subsidiary, also announces entering into a license agreement with supercar brand "De Tomaso" whereby De Tomaso will license Apollo Automobil's new vehicular platform in the production of its future vehicles. The Group feels confident and optimistic of its journey into the future of mobility.
Successful Co-Development of Disruptive New Generation 800V SiC Dual Inverter with ROHM
Significantly Reduces Charging Time of EVs
AFMG focuses on mobility technology innovation and has recently made new progress. As compared to the current commonly seen 400V insulated gate bipolar transistor (IGBT) inverter, the new generation of 800V SiC dual inverter, coupled with solid state battery (SSB) battery management system (BMS) can greatly reduce the thermal output, weight and size of the inverter as well as the charging time required. It also allows us to use dual inverter technology to enable independent energy output for each tire, so that the controlling performance is greatly improved with stronger grip.
According to preliminary research data, we can achieve 70% reduction in charging time compared to electric vehicles ("EV") on the market which normally takes 40 minutes - by reaching 80% charge in 12 minutes. The Group targets to further shorten
the charging time to 5 minutes by the end of 2021. Prototype production is expected to complete in June this year while testing in drivable electric prototype cars will commence at the end of 2020. Mass production is expected to begin in spring 2022.
The Group is considering cooperation with motor manufacturers to market the new 800V SiC dual inverter, jointly developed by the Group and ROHM, coupled with the BMS with SSB, as well as the motor manufacturers' own motors, as a complete package, to international mobility brands. The Group is exploring a licensing model to further expand the source of revenue and to better focus on research & development and innovation.
Apollo Platform to be Licensed by Supercar Brand De Tomaso
Enhances Group Market Potential
AFMG also announces Apollo Automobil, an indirect non-wholly owned subsidiary of the Company, entered into the License Agreement with De Tomaso Automobili Limited ("De Tomaso") whereby De Tomaso is granted the rights to use proprietary Apollo platforms ("the Platforms") in "De Tomaso" branded vehicles worldwide at a minimum aggregate license fee of US$10,000,000 (equivalent to approximately HK$78,000,000) with a term of three years commencing from 12 May 2020 and ending on 11 May 2023.
Apollo Automobil is designing and developing a new vehicular platform which can be used in various types of vehicles worldwide. The Platform includes a complete rolling chassis including crash structures, full powertrain, electronics and suspension, and is proprietary to Apollo Automobil. The cooperation will strengthen the Group's business strategy of creating a turnkey platform for "Future Mobility" and will be able to leverage on the success and branding of De Tomaso to demonstrate its capabilities to other potential customers.
Profit Warning for the Six Months ended 31 March 2020*
The Company also announces profit warning to inform the shareholders of the Company and potential investors that the Group is expected to record an increase in consolidated net loss (the "Expected Loss") for the six months ended 31 March 2020 as compared with the consolidated net loss of approximately HK$25,651,000 for the six months ended 31 March 2019.
The Expected Loss is mainly attributable to, among others, (i) the expected decrease in fair value on certain financial assets due to the global market decline; (ii) the potential impairment of certain goodwill due to the termination of the wholesale distributorship of jewellery products and watches in Mainland China; and (iii) the expected decrease in fair value on investment properties due to the softening property market in Mainland China. Following the shift of business focus in recent years, the Group expects factors affecting past results will gradually subside.
Mr. Ho King Fung Eric, Chairman of Apollo Future Mobility Group, comments, "Inverters and batteries have been the bottleneck of R&D in EVs. The achievement of the new inverter is all attributable to the unrelenting efforts of our R&D team who always strives for technological breakthrough in future mobility. The Group plans to apply this revolutionary technology into the new EVs of GLM and believes that it can be further expanded into other EV systems in the future, creating a better all-round experience for users by reducing the charging time required."
Mr. Ho continues, "As for the licensing agreement with De Tomaso, we are pleased to have this opportunity to work with such a prestigious and iconic supercar brand. We believe the collaboration further enhances the Group's brand awareness and expansion into the global mobility market, fostering its future leading position. In sum, we are excited about the future of AFMG and are confident of the Group's new direction."
*The Company is still in the process of preparing and finalising the results of the Group for the six months ended 31 March 2020. The information contained in this announcement is only based on the preliminary assessment by the Board of the unaudited consolidated management accounts of the Group for the six months ended 31 March 2020 currently available to it, which has not been reviewed nor audited by the Company's auditors and are subject to finalization including but not limited to fair value adjustments on investment properties and certain financial assets, impairment assessment on goodwill and other intangible assets and other necessary adjustments.
Shareholders and potential investors are advised to read carefully the interim results announcement of the Company for the six months ended 31 March 2020 which is expected to be announced on or before 31 May 2020.
About Apollo Future Mobility Group Limited
Apollo Future Mobility Group Limited ("AFMG", stock code: 860.HK) is a leading integrated mobility technology solution provider with proprietary and disruptive mobility technologies. It is determined to build a world-leading one-stop service platform for "future mobility" through the integration of global advanced mobility technologies.
After completing the acquisition of 86.06% of Apollo Automobil, a European high-performance hypercar developer, in March 2020, the Group rebranded as "Apollo Future Mobility Group", focusing its business development on two pillars, which are Apollo Automobil and Apollo Advanced Technologies (AAT). In addition to the development and sales of hypercars and its cross-branding licensing business under the "Apollo" brand, the Group provides one-stop turnkey mobility technology solutions by integrating Apollo Automobil and the Group's existing electric vehicle technologies, from ideation, design, modeling, engineering, simulation, prototype production, actual testing, to the delivery of pre-production prototypes to customers, striving to provide the global mobility market with a seamless and comprehensive solution platform.
The Group's subsidiaries include Apollo Automobil, a top-tier European hypercar developer, and GLM Co. Ltd, a leading electric vehicle developer in Japan. In addition, the Group has also expanded its mobility technologies by investing in Divergent Technologies, Inc., the world's first 3D printing automotive manufacturing platform, and EV Power, a leading electric vehicle charging solutions provider.
For more details, please visit http://www.apollofmg.com/
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