Periodic Reporting for period 1 - SOFTCAR (The cleanest and lowest cost car ever!)
Reporting period: 2018-04-01 to 2018-07-31
SoftCar S.A. is an ambitious Swiss technological start-up specialized in Electric Vehicles (EVs) development. We have embarked in the development of a high performance, highly competitive 4-seater Battery Electric Vehicle (BEV), which offers the lowest possible ecological footprint. SoftCar S.A. has developed avant-garde technologies that enable vehicles with very low lifecycle environmental impact to be conceived. The eco-design approach translates into breakthrough economic added value and key product differentiation in 3 areas compared to existing EVs: 1) Added Economic Value. 2) Added Technical Performance. 3) Novel Design. In Phase 2 project, we aim to finalize pre-series and the final car design towards industrial production through the pilot plant. Also, make sure that our vehicle meets performance requirements; and ensure SoftCar comply with L7e-C & M1-safety homologations. To reach the market, the plan mainly is based on striking commercial agreements with identified strategic partners under licensing (or JV) business approach for the production of small-series SoftCar volume of 5,000 vehicles/year per license.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
The main objective of this FS was to detail a planning for future activities to reach SoftCar commercialization,. For this purpose, we have evaluated technological aspects and requirements to produce SoftCar in order to prove its technical viability. 1) Body optimization. 2) Chassis optimization. 3) Propulsion improvement. 4) Ancillary systems definition. 5) Drivetrain optimization. 6) Brake optimization. 7) Steering adjustment. 8) increase engine and electronic cooling. 9) Visibility & lighting definition. 10) increase battery pack capacity. 11) Design optimization. 12) L7e-C & M1 Homologations. Commercial results: 1) Global BEV segment holds the largest share of EV market, stranding at over 0.9M units. 4) For commercial deployment, we will reach commercial agreements with strategic partners to produce SoftCar. 5) Licensing will avoid us downstream activities and will allow us to reach strategic partners, being also a business approach suitable for our breakthrough manufacturing that enables organic growth with small-series production, at 4,500 vehicles/year break-even. 6) JV will enable us to mitigate the reluctance of certain strategic partners over purchasing a license. Financial results: 1) SoftCar will be sold at €18,000 price per vehicle sold by the pilot plant and per license. License price is foreseen at €2M for a capacity of 5,000 cars/year; considering royalties of €200 per car manufactured by licensed pilot plant. 2) In a 5-years commercialization: we are expecting to to generate revenues of €115.8M EBITDA of €66M and ROI of 4.71.
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
SoftCar differentiates from the traditional process as follows: 1) Heavyweight vs. Draining Battery: SoftCar reduces the car number of pieces from 40,000 down to 1,800 parts and decreasing its weight from 1,500Kg down to 480Kg (including the battery); decelerates battery drainage from 13-20kWh/100Km down to 8kWh/100Km. 2) Minimization of environmental footprint during the car whole lifecycle, from manufacturing to end-of-life. 3) SoftCar requires lowest CAPEX down to €17.15M per plant, considering a capacity of 8,000 cars/year and assembly line break-even starting from 4,500 cars/year, compared to conventional EVs requiring economies of scale & high CAPEX up to €77.7B for 6.3M EVs/year capacity and a break-even takes too long up to 200,000 cars/year. 4) SoftCar ensures breakthrough manufacturing reducing workshops that conventional EVs require during production.