Atlis Motor Vehicles on Pace to Achieve Exponential Growth in 2023, Sets Goal to Double 2022 Headcount in Response to Growing Demand

Rhea-AI Summary

Atlis Motor Vehicles (Nasdaq: AMV) is expanding its manufacturing capabilities to meet increasing demand for its battery cell and pack technology. The workforce has grown from 3 to 37 employees, enabling 24/7 operations. Despite industry layoffs, Atlis is committed to hiring and investing in R&D across various engineering divisions. CEO Mark Hanchett emphasizes the importance of a skilled team to drive the company's growth strategy. Employees benefit from comprehensive health plans, 401(k), and career development opportunities. The company is navigating a challenging market while focusing on its electric vehicle technology ecosystem.

Positive

• Increased workforce from 3 to 37 employees, allowing 24/7 manufacturing.
• Strategic hiring and investment in R&D amid industry-wide layoffs.
• Focus on building a skilled team to drive long-term growth.

Negative

• None.

MESA, Ariz., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles (Nasdaq: AMV), a vertically integrated electric vehicle technology ecosystem company, and the first battery cell manufacturer to be fully owned and operated in the US, today announced that the Company is on track to double in size to meet strong customer demand for its battery cell and battery pack technology.

The company plans to expand its AMV battery cell and pack manufacturing capabilities to meet production targets. During the prior quarter, production staff increased from 3 individuals to 37 and added multi-shift work schedules to enable the Company to manufacture cells twenty-four hours a day, seven days a week. In addition, Atlis continues to successfully recruit R&D talent across the Mechanical, Hardware, Software, Test, and Manufacturing Engineering teams.

Amidst industrywide layoffs, the Atlis team plans to sustain its growth trajectory and add headcount across the business while continuing to heavily invest in research and development for the Atlis EV technology ecosystem.

“A key component of our long-term growth strategy is concentrating investment in team members who devote their skill, experience, and knowledge to the success of Atlis and our mission,” said Mark Hanchett, Founder and CEO of Atlis Motor Vehicles. “We’re building a team of relentless problem-solvers focused on building technologies and solutions that will make it easier for our target segment to transition to EVs.”

For employees, Atlis offers benefits including health, vision, and dental insurance, 401(k), paid parental leave, unlimited PTO, leadership training for teammates across all divisions, and the opportunity to work on leading edge products. To learn more about open positions, please visit https://www.atlismotorvehicles.com/careers.

About Atlis Motor Vehicles

Atlis Motor Vehicles is a vertically integrated EV technology ecosystem company leveraging its intellectual properties and U.S. manufactured battery innovations to support e-Mobility and energy storage solutions.

The Atlis Ecosystem will consist of industry leading Battery Cell and Pack technologies, Grid Level Energy Storage Solutions, Charging Infrastructure, Platform and Medium-Duty Electric Mobility Solutions, and Over-Air Cloud Management – all wrapped in Atlis Motor Vehicles’ seamless subscription-based models. For more information, visit www.atlismotorvehicles.com.

Forward Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook, amount of reservation interest and related potential sales, future capital expenditures and other operating expenses, expectations and timing related to product launches, production and delivery volumes, the range and performance of the XP platform and XT truck, estimates of the length of time its existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of deliveries, future manufacturing capabilities and facilities, ability to mitigate supply chain and logistics risks, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, the potential success of our go-to-market strategy and future vehicle programs, and the promise of the electric vehicle battery technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Atlis and Atlis management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in our Post-Qualification Amendment No. 11 on Form 1-A POS (“Form 1-A”) filed with the SEC on September 22, 2022, as well as other documents Atlis has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Atlis's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Atlis does not currently know or that Atlis currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Atlis's expectations, plans or forecasts of future events and views as of the date of this communication. Atlis anticipates that subsequent events and developments will cause Atlis's assessments to change. However, while Atlis may elect to update these forward-looking statements at some point in the future, Atlis specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Atlis's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:

Mary Trout
Atlis Motor Vehicles
info@atlismotorvehicles.com

FAQ

What recent announcement did Atlis Motor Vehicles (AMV) make regarding its manufacturing capabilities?

Atlis Motor Vehicles announced plans to double its size and expand manufacturing capabilities to meet growing demand for its battery cell and pack technology.

How many employees does Atlis Motor Vehicles currently have?

Atlis Motor Vehicles has increased its workforce from 3 to 37 employees recently.

What does Atlis Motor Vehicles provide for its employees?

Atlis offers health, vision, and dental insurance, 401(k), paid parental leave, unlimited PTO, and leadership training.

What is the significance of Atlis's expansion in the electric vehicle market?

The expansion is crucial for meeting strong customer demand for battery technology, positioning Atlis as a key player in the electric vehicle market.