Last year, PLN 1.7 million was spent on the salaries of 90 employees of the company responsible for the production of the Polish electric car Izera. In 2022, ElectroMobility Poland lost more than PLN 14 million, twice as much as a year ago. This is a brief overview of the company’s finances, in which 90% of the shares are held by the State Treasury.
Agnieszka Pomaska and Cezary Tomczyk (Civic Coalition) - in a parliamentary inquiry, they asked about the financial condition of ElectroMobility Poland and the support provided to it from public funds. The answer was given by the Deputy Minister of the Prime Minister’s Office, Yaroslav Wenderlich. He explained that ElectroMobility Poland was recapitalized by the State Treasury in the amount of PLN 5 million in 2021-2022. He explains that EMP directs the funds received to the activities necessary to prepare and launch the production of electric vehicles. In the current year, the Company was not recapitalized at the expense of state funds.
EMP employs 90 people. He spends PLN 1.7 million on his salary.
The response posted by Wenderlich shows that ElectroMobility Poland currently has 90 employees and permanent employees. They are involved in vehicle engineering, supply chain, manufacturing engineering, information technology, products and support, among others.
In turn, the analysis of the report on the activities of the company says that in 2022 alone, the wages of employees amounted to PLN 1,682,372. The expenses don’t end there. Expenses in excess of PLN 15.5 million were classified by the company as “outsourcing services”.
Large capital costs
The report also mentions capital expenditures, which last year amounted to PLN 97,837,609, of which: PLN 96,129,992 was spent on development works, PLN 1,697,791 on intangible assets and tangible fixed assets, PLN 9,825 on advances for construction fixed assets.
Big losses every year
According to financial statements, EMP recorded losses in recent years - in 2018 they amounted to PLN 2.6 million, in 2019 - PLN 5.4 million. In 2022, losses amounted to more than PLN 14 million, twice as much as a year ago. In the latest financial statements of the company, the loss is explained as follows: “This value is adequate to the current stage of development of the Company and the project of the Polish electric car Izera and is related to the investment nature of the project. The receipt of income that will balance the costs will become possible after the launch of production and the start of car sales.”
New styling studio
Let’s return to the request of deputies Pomaska and Tomchik. They also asked how much it would cost to collaborate with Italian design studio Pininfarina. On this occasion, the Deputy Head of the Prime Minister’s Office did not give an answer, citing a commercial secret. Recall that Torino Design was the first design office, whose services were used by the company responsible for the production of Izera.
Almost 91 percent of EMP shares are owned by the State Treasury.
The EMP report shows that the State Treasury currently owns 90.8 percent. shares of the company, and the nominal value of one share exceeds PLN 4,900. The remaining shares in the company responsible for the production of Isera belong to its four original founders (2.3 percent each), namely: Enea SA, ENERGA SA, PGE Polska Grupa Energetyczna SA,
TAURON Polska Energia S.A.
What will happen in 2023?
ElectroMobility Poland in 2023 will focus mainly on the development of secure supply chains, the technical integration of vehicles and the recruitment of future employees. Goals for the coming months include, among others: preparing for the construction of the plant in early 2024 and obtaining production technologies, securing the supply of key components for cars, further engineering work to build the car, building a positive brand and project image based on the main assumptions of the brand strategy .
When will Ysera go on sale?
The state-owned company ElectroMobility Poland was founded in 2016. According to initial assumptions, the first Polish electric car - Izera - was supposed to leave the Polish plant in the third quarter of 2023. The date has been moved to the end of 2024. The company’s current plans assume that the first copies of the Izera will roll off the assembly line at the end of 2025, and the start of sales of the Polish electric car is scheduled for mid-2026. So far, the company has received a total of PLN 5 million for preparatory activities (PLN 2.5 million in 2021 and PLN 2.5 million in 2022). It is estimated that the Izera plant in Jaworzno and the launch of production will cost about PLN 6 billion.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
