Swiss electric sports car manufacturer Piëch Automotive appoints leading auto executives to drive launch plans

Company adds board-level recruits from Porsche,BMW,and Tesla

Series A-funding closed with investor Peter Thiel on board; Swiss bank UBS is acting as sole advisor on the series B to raise the capital required to launch the first production car

Construction of prototypes to begin; vehicle promises sub-five-minute charge time; Piëch Engineering campus in Memmingen under construction

ZURICH and MUNICH,Germany,Oct. 19,2020 -- Piëch Automotive AG,the automotive start-up based in Zurich,Switzerland,has appointed a number of leading executives,as itbuilds towards the launch ofa pure-electric two-seater sports car featuring both ahighly innovative battery technology and a record low charging time.

Matthias Müller,former CEO of Porsche and Volkswagen,is newly appointed as Chairman. He will work closely with company co-founders Toni Piëch and Rea Stark in shaping an ambitious product development and corporate strategy.

Former BMW Motorsport chief engineer Klaus Schmidt retains his role asPiëchAutomotive'sChief Technology Officer and will now alsobecome one of two company CEOs.Over the past four years,Schmidt has led the creation of the company's highly innovative modular vehicle platform,which can accommodate multiple body variants and powertrain layouts. He will oversee the management of all technical operations.

At Schmidt's sidewill be newly appointed CEO and Chief Marketing Officer Andreas Henke,who takes the lead on brand strategy and marketing,customer relationships,finance and personnel. Henke joins from high-end audio manufacturer Burmester; Prior to that he was with Porsche,where he held various management positions in strategy,marketing and sales. He will sharpen Piëch's vision,brand positioning and profile.

The organisation continues to recruit additional creative talent and experienced executives from across the automotive sector and related industries. One key example is Jochen Rudat,who recently joined as PiëchAutomotive's Head of Sales. A former direct report to Elon Musk,Rudatbuilt Tesla's dealership network in Europe from the ground up and scaled the business for 10 years.

Founder Toni Piëch commented: "Matthias Müller is a hugely capable and highly successful automotive industry leader,and it is immensely gratifying that he is committed to our new approach."

Founder Rea Stark added: "The dual CEO leadership with Klaus Schmidt and Andreas Henke strengthens our objective of not only bringing technologically innovative vehicles to the road,but also completely redefining the brand and the relationship,whichwe will develop with our customers."

Chairman of the Board,Matthias Müller,commented: "I was immediately enthusiastic about the mission of the two founders,because it is more compelling and more visionary than all the new approaches I have encountered during my work in the automotive industry. I am proud to be involved in the business – it has the potential to herald a new chapter for modern mobility and shape the future of the automobile. It is an endeavour that will receive my wholehearted support."

First financing round concluded successfully,with investor Peter Thiel on board; next round starts with UBS as financial advisor

Piëch Automotive successfully completed its first round of financing,which included the entry of investor Peter Thiel. The next funding round,with the goal tosecurethe additional capital required to launch the production car,will be managed over the coming months under the leadership of financial advisor UBS.

Testing of the first prototypes and construction of the new Piëch Engineering Campus

Piëch Automotive is preparing for the next pivotal stage in the launch of its pure-electric sports car. The design of thebattery-electric sports car has been finalised,and the company will now commissionthe first prototypes,secure significantvehicle development partners,and commence construction of the Piëch Engineering Campus in Memmingen,Germany.

The company's highly innovative modular vehicle conceptis unique in its flexibility,allowing numerous body variants,drive types and continuously possible upgrades in hardware and software. Piech Automotivepursues new ways to operate with a capital and resource light business model,in both construction and in operation,which helps to secure the future viability of the company. The company is already a trailblazer,setting new benchmarks for sustainable mobility within the automotive industry.

As the first of three planned vehicle concepts,the two-seater electric sports car will showcase PiëchAutomotive'srevolutionary battery and charging technology. It can achieve 80% battery capacity after being charged for just 4 minutes 40 seconds,delivering a range of 400 kilometers – figures which,as it stands,are unrivalled in the global EV sector. The vehicle's maximum range is expected to be 500 kilometers (WLTP). The first planned vehicle concept will be available for purchase at the end of 2022.

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Images

A range of images can be downloaded from the following link:

https://wetransfer.com/downloads/2c18623b34b4fc127d65608b8b18bad320201017075003/b37617922d04ed62b21073ecd4b7a36520201017075025/365cb8

These include

Piëch Automotive Leadership team

The Piëch Automotive two-seat sports car and charging station

Visualization of the Piëch Automotive Engineering Campus

Piëch Automotive launch event at Geneva International Motor Show 2019

For further information on Piëch Automotive AG:

Frau Maarit Spillman,Executive Assistant

press@piech.com

www.piech.com

StrawCommunications

+86 (21) 6718 8255

shi@strawcomm.com