YEAR IN REVIEW: 2024 KEY ACHIEVEMENTS
In 2024, Alpha Motor focused on revenue growth, advanced product development, and expanded market presence.
1. Path to Revenue and Preorder Growth
Secured LOIs for 150 custom-built vehicle sales*, paving the way for revenue growth and supporting a phased approach to achieving mass production.
Surpassed 80,000 preorder indications**, reflecting strong market demand.
*Building upon revenue generated in the previous year, Alpha Motor successfully developed the WOLF truck as a fully custom-built model and secured an LOI for 150 units, driving revenue and demand growth.
**As of November 4, 2024. Preorder indications reflect intent to buy with no deposit required; $0 in advertising expenses contributed to preorder acquisition
2. Awards and Recognition
Nominated for the California Legislature Assembly Certificate of Recognition - 2024 Small Business of the Year.
Nominated for the BBB Torch Awards for Ethics.
Top 3 Finalist for the LA Auto Show ZEVAS™ Most Anticipated Zero Emission Vehicle.
Jada Lee, Co-Founder and President recognized by CEO Views as one of the Top Entrepreneurs to Watch in 2024.
Edward Lee, Founder and CEO awarded CEO Monthly Best Motor Vehicle Manufacturing Chairman 2024 (North America).
3. Innovation and Product Development
Established Core Product Development Principle of Value, Variety, Versatility.
Design Validation: Executed Design for Manufacturing (DFM) principles, advancing vehicle development through prototype testing and virtual simulations to efficiently validate performance and durability.
Manufacturing Scalability: Enhanced modular production systems to improve efficiency and enable a seamless transition from custom builds to mass production.
Supply Chain Optimization: Implemented agile processes including 'High Impact Standardization,' driven by unique modular technology to efficiently manage component procurement and assembly.
Market Preparation: Refined vehicle architecture to boost market competitiveness, enabling flexible production for variants and customizations.
Introduced the ORYX, a commercial fleet variant of the WOLF electric truck.
Launched the SUPER REX, a four-door SUV variant of the REX, showcasing platform versatility.
Progressed development of the JAX crossover toward driving prototype production readiness, leveraging a shared platform with the WOLF electric truck.
Advanced the ACE and SAGA models toward driving prototype production readiness, unifying their platform and production processes.
Conducted vehicle ride experiences throughout 2024 with the WOLF truck, gathering customer feedback to drive continuous improvement.
4. Issued Patents
Modular Vehicle Chassis
Multipurpose Electric Vehicle Control System
SUPERWOLF Truck
WOLF PLUS Truck
WOLF Truck
REX SUV
MONTAGE Coupe
5. Partnerships and Marketing Growth
Achieved overall 30% growth in online following, enhancing market presence.
Partnered with Mattel to develop and manufacture diecast versions of Alpha Motor’s electric vehicles, increasing overall market awareness and increasing brand equity. First diecast model is currently scheduled to launch in 2025.
Established vehicle distribution partnerships in Europe and Mexico, expanding Alpha Motor’s global footprint.
Presented at Accelerate 2050 in New York and Los Angeles, featuring top speakers on Climate, ESG, and Impact solutions, furthering Alpha Motor’s dedication to sustainable transportation.
Reflecting on our achievements in 2024, we want to thank our community, investors, partners, customers, and team members for their unwavering support. Your belief and confidence in Alpha Motor has been key to our progress in driving innovation.
Sincerely,
Alpha Motor Corporation
