Dear Valued Shareholders,
I want to take a moment to address some of the concerns that have understandably arisen due to evolving market conditions. Let me assure you that as Founder and CEO of Nxu, I am wholly committed to ensuring that our company not only weathers these challenges but continues to thrive and progress.
Nxu remains steadfast. We are guided by an evolving strategic vision and will continue to prove our ability to adapt, innovate, deliver, and maintain a strong footing regardless of circumstances.
Our commitment to progress is unwavering, and we strive to push the boundaries of what’s possible. Nothing worth doing is easy, and we want to emphasize that the process for groundbreaking innovations inevitably requires intricate engineering and meticulous quality assurance. Easy isn’t what we’re aiming for. Doing things the right way requires more money, more time, and more effort. We will never compromise by cutting corners. Our long-term success will be measured by our impact.
I'm asked the same questions by both current and prospective employees, investors, and supporters:
- What’s the current financial state of Nxu?
- How much runway do you have?
- What does the future look like?
My response is simple and consistent. This is a startup, it’s risky. And no day is the same, so I can’t tell you what tomorrow brings, but I can tell you there is no limit to where we can bring value. To do something that is impactful, that is long lasting, that has the potential to truly change the world is an incredible opportunity and unimaginable challenge all in one.
To change the world, you must be willing to take risks. You must be willing to do the hard things. You must be willing to expend more time, energy, and effort. You must also be willing to make mistakes.
Every technology component we build, as evidenced by what we recently delivered, has a purpose. Each must be a marketable avenue to growth for Nxu. We do not just build packs and cells, we develop and manufacture technology across the mobility and energy sectors. The product we shipped a few weeks ago was the first in a series of specialized components and products being developed here at Nxu to be implemented across the mobility and energy industries
Our team’s determination, resilience, and adaptability enabled us to deliver this technology system. Despite being faced with innumerable challenges, the Nxu team’s capacity to execute and unwavering commitment to this program showcases our customer-centric, nimble minded tenacity
In upcoming quarters, our focus on building a path towards an infinite electric future remains razor-sharp. You can expect from us a continuation of our unwavering commitment to:
- Innovation – We will continue to innovate, creating solutions that not only address today’s challenges, but anticipate and shape tomorrow’s opportunities. We believe innovation knows no bounds.
- Execution – We will deliver on our commitments to you and the broader market.
- Communication – Clear communication is key. We will keep you updated on our progress, challenges, and strategies to ensure you are informed each step of the way.
Regardless of the headwinds, Nxu is not a company that quits. We’ll keep going, we’ll keep doing the hard things and we’ll achieve our ambitious vision of a future where energy is abundant and accessible.
Sincerely,
Mark Hanchett
Nxu Chairman, CEO, and Founder
