The launch of this new line of business will be achieved by opening a company focusing on the distribution of electric cars – Visual EV SRL, whose capital is 95% owned by Visual Fan. The remaining 5% of the company’s capital is held by an individual within the company, a report published on the Bucharest Stock Exchange on Thursday said.
With this new project, Visual Fan expects to increase group-wide revenue by 10% by the end of 2022. The long-term strategy aims to develop the portfolio and add new models to meet the needs of the mass market.
“The new company, Visual EV, distributes for the start the Skywell ET5 SUV model, with a range of 400 km mixed (WLTP),” the report states.
The Skywell ET5 is available in two variants – Premium and Luxury, and customers may customize the body color (Midnight Blue, Metallic Grey, Pearl White) and interior design (Fusion Design – Black Leather Seat, Grey interior or Royal Design – Brown Leather Seat, Brown interior).
Visual Fan is valued by investors on the Bucharest Stock Exchange at RON147.8 million and is 82.8% owned by founder Lucian Peticila. Its shares have gone down 5% since the July 26 listing, according to ZF’s calculations based on stock market data.
In the first nine months of the year, the company posted almost RON80 million (EUR16 million) revenue, up 36%.
(English version by Loredana Fratila-Cristescu)