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After months of dedicated efforts and design with our leading global automotive OEM partner through 2023, we progressed to the first passenger vehicle prototype which will be developed in 2024. Through phase one of the project, the optimized Coil Driver™-Heavy Rare Earth/Rare Earth (HRE/RE) free motor design demonstrated the ability to meet the stringent performance and efficiency targets passenger vehicles with this type of machine while meeting challenging mechanical and system criteria. Reduction of rare earth materials in electric vehicle motors is quickly emerging as a significant priority challenge for industry to overcome. In essence, Exro has moved from design to prototype development build of the Coil Driver™ in one of the world’s largest automotive companies’ passenger vehicles – marking a significant milestone in our collaboration. This project is a culmination of everything we have been working towards as a company. Its significance cannot be overstated and serves as the “holy grail” potential with the ultimate desired objective of having Coil Drivers in millions of passenger vehicles. As we move into 2024, this project will be a focus area for Exro as its success will showcase the depth of Coil Driver™ capabilities and set the tone for the ambitious goals we aim to recognize this year. JAN 15th 2024 Letter to Shareholders This makes me optimistic!
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