Clean Motion AB: CORRECTION: A Year-end message from Ulf Rask, CEO of Clean Motion

Dear Shareholders, Partners, and Stakeholders,

As we approach the end of 2024, I want to take the opportunity to reflect on the progress we have made at Clean Motion over the past year. It has been an eventful year, not least for me, as I had the honour of stepping into the role of CEO in June.

The development of EVIG started just over 36 months ago, with the ambition to transform last-mile transportation today with the cities of tomorrow in mind. And now with the EU type approval now in hand, we are going broad into the market across Europe.

To accelerate this, we enhanced our commercial team this fall to boost market presence and strengthen our positioning. Cameron Crisman has joined as Head of Growth, bringing a wealth of experience in business development, growth strategies, and customer relations. Louise Jeansson has stepped in as Chief Communications & Marketing Officer, already elevating our communication and investor relations. Together, they now work alongside our Chief Commercial Officer, Christoffer Sveder to drive our mission forward, expanding our presence and grow the market/sales of EVIG.

We know that the key to win in the market is to partner with the right companies. With Valeo we are now showcasing EVIG at the Valeo New Mobility Center where potential customers can experience EVIG in real-world conditions within their facility, ideally located just north of Paris. This facilitates a faster market introduction across Europe to meet the growing demand for zero-emission solutions.

Among the customers that have taken advantage of this opportunity is one of Europe's largest postal carriers, who in December started their testing and evaluation at the Valeo site.

The GIANTS project is another excellent example of how we are enhancing our innovation through collaboration and driving the development of sustainable solutions for a future global market. The project is progressing as planned, and while the first year focused on defining the requirements for development, in 2025 we will be building prototypes.

In the beginning of the year, the initial batch of specially designed EVIGs arrived to NEOM, but it wasn't until mid-fall when the grand opening of the luxury destination Sindalah took place that they really started to use them in their operations. Since then, the fleet supplies much of the daily needs of all the resort's restaurants and hotels, as well as assisting in waste collection on the island. This fantastic exposure is already generating new inquiries from neighbouring markets, providing a foundation for future business opportunities and possibly further expansion.

The Zbee production in India is advancing through our subsidiary, Clean Mobility Solutions India Pvt Ltd and after a smaller delay due to logistics challenges, the production is set to commence by mid-Q1 2025, with early deliveries to follow.

But one of the year's major milestones was relocating and certifying our new production site to Jonsered, marking a new phase in our journey. The move has not only strengthened our production capacity but also enabled us to consolidate our organization and significantly improve our operational efficiency. During the last months we have strengthened the production team with several experienced co-workers to ascertain capacity and quality. In parallel, we have taking important steps forward with our scaling partner Daimler Trucks/Mitsubishi Fuso in Portugal, with a successful trial build of EVIG and component-logistics planning.

I am immensely proud of the dedication and commitment our team has shown throughout 2024 and of all we have accomplished. At the same time, I share our shareholders' disappointment and impatience over the lower-than-expected order intake in Q3.

I am not one to wait for success - I prefer to act. The steps we have taken this year, coupled with the momentum we have built, give me confidence that we are ready to propel Clean Motion to the next level.

We have a solid foundation to build upon, and our entire team is eager to continue shaping a cleaner, more sustainable future.

Thank you for your continued trust and support!

Best Regards

Ulf Rask, CEO at Clean Motion

For further information please contact:
Louise Jeansson, Chief Communications & Marketing Officer, Clean Motion
Email: louise.jeansson@cleanmotion.se
Phone: +46 704 307 400

About Clean Motion AB
Clean Motion AB is a Swedish company that manufactures and sells truly sustainable vehicles for cities. The vehicles are locally produced and based on energy and resource efficiency to maximize the adoption of electric vehicles globally. The company's vision is to offer city mobility powered by solar energy and therefore provide lightweight electric vehicles with low energy consumption to meet the urban transportation challenges of the 21st century. Clean Motion AB is listed on the First North Growth Market at Nasdaq Stockholm. The Certified Adviser is G&W Fondkommission. For further information, please visit: www.cleanmotion.se