A prototype of the electric car has already been shown at the Geneva International Motor Show.
The Ruse-based manufacturer of sports cars and electric cars Sin Cars Industry has raised the entire capital of BGN 2 million, distributed in 2 million shares of BGN 1 each at the initial public offering on the Bulgarian Stock Exchange (BSE) on Monday, the investment intermediary Elana announced. Trading ”. The company entered the newly created market for small and medium-sized companies BEAM on the BSE.
According to Elana, the offer of shares has been more than successful since
those wishing to buy
were three times more
of available shares
97% of them were sold in one transaction. However, it is more likely to be a block of shares, which is consolidated by the investment intermediary, as according to Elana’s announcement, there are 100 individuals, legal entities and several institutional investors among the buyers.
According to the owner of “Blue Cars Industry” Rosen Daskalov, the raised capital will be used to upgrade its plant in Ruse and to purchase more robots. It has been producing racing cars for the GT4 amateur series for several years, which have won many international car races. According to the prospectus for the offering of the shares on the stock exchange, the company will now produce elements such as chassis, coupes and a number of other parts for the LCity electric car. However, it will be assembled in Germany, in a factory near Munich, which is owned by a subsidiary of Sin Cars Industry. The company has a registered capital of BGN 18.5 million, after the Veliko Tarnovo-based VK Solutions entered it as a co-shareholder in March last year.
“I decided to move the assembly to Germany, as the market for this type of electric car is more developed there, there are a number of bonuses for buying them,” Daskalov told 24 Chassa. He explained that it is a 3.5 ton electric truck, as the chassis and most of the elements will be manufactured in Bulgaria, and the batteries will be bought from abroad and the final assembly will take place in Germany. The company that owns the plant is already registered and is called L CITY Automotive GmbH. The electric cars assembled there will bear the Made in Germany seal.
The initial intention is to start production with 100-200 units, but the plans are for 5 years only to produce this model in about 20 thousand units per year, Daskalov explained. The prototype of the electric car was already shown last year at the Geneva International Motor Show.
According to the prospectus for the initial public offering of shares on the stock exchange
the company has
developed and urban
which could go into production within three years. The development of an innovative Bulgarian electric car by Sin Cars started in 2018, and currently a platform for the production of electric cars has been established and negotiations are underway with a Finnish technology company specializing in photovoltaic technologies, with which an agreement has been signed. for development and creation of prototypes and mass production of an integrated photovoltaic system for the light electric vehicle. Another important partner is the French company Mondial, for which Sin Cars Industry has developed a prototype for the electric rickshaw TUK TUK.