Hydrogen-powered sedans: An uncertain future for Hopium?

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Hopium is a futuristic project of hydrogen-powered vehicles that could be marketed by 2025. After the Motor Show, the financing of the Crédit Agricole, a factory project in Normandy and the first pre-ordered sedans, everything seemed to be going well.  But the French company could well reduce the sail…

 

Last October, this sedan with a Back to the Future look was announced as the direct competitor of Tesla’s intelligent cars. Presented at the Paris Motor Show, it was a great success, with pre-orders already on the books and the announcement of the establishment of a first factory in Normandy, capable of producing 20,000 vehicles per year. However, not all the lights are green at the beginning of this new year.

 

A few days ago, the French start-up announced an analysis of its financing and cost structure as well as a potential reduction of its payroll. For the moment, the company does not mention any problems or difficulties, but it seems to have lost its splendor. Launched on the Paris Stock Exchange at the end of 2020, Hopium saw its value multiply by four for a few months, before returning to its initial stake. Last Friday, the stock was worth 6.40 euros.

 

Faced with these financial complications, the company has provided details in a press release, published on January 13. Among the measures put in place as part of a new roadmap, there is notably a restructuring of the management team and staff: “These measures, which should enable the finalization of the development of the platform with a view to its industrialization, will consist in particular of sequencing the development of future prototypes and adjusting staffing levels, in order to better distribute the company’s financing needs in the coming months.”

 

This reduction will depend on the final outlines of the strategic plan that is currently being developed,” the company adds. A year ago, the company had 54 employees in France. In June, they went up to 126. The number of employees will surely decrease after this strategic readjustment.

 

Looking for intermediate solutions

 

The goal for the French brand is to launch and market a sporty sedan powered by a hydrogen-based fuel cell. The first non-utility hydrogen vehicle in France, the vehicle, with a range of 1,000 km and a power output of 500 hp, is priced at around 120,000 euros.

 

In the same press release, Hopium explains that it is studying different scenarios, including “the sequencing and timing of the marketing” of their first vehicle as well as the possibility of marketing or licensing its fuel cell: “Designed to meet the high-end characteristics of the Hopium Machina, particularly in terms of compactness, durability and performance, this fuel cell represents a differentiating technological asset that has been the subject of 16 patent filings.

 

Despite these difficulties, the carmaker believes it can meet its financing needs at least until June 30, 2023. This does not prevent it from adding that it “continues to explore other sources of financing as part of its new strategic plan“.

 

Read also >Motor Show: Spotlight on Hopium’s hydrogen car

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Hopium is a futuristic project of hydrogen-powered vehicles that could be marketed by 2025. After the Motor Show, the financing of the Crédit Agricole, a factory project in Normandy and the first pre-ordered sedans, everything seemed to be going well.  But the French company could well reduce the sail…

 

Last October, this sedan with a Back to the Future look was announced as the direct competitor of Tesla’s intelligent cars. Presented at the Paris Motor Show, it was a great success, with pre-orders already on the books and the announcement of the establishment of a first factory in Normandy, capable of producing 20,000 vehicles per year. However, not all the lights are green at the beginning of this new year.

 

A few days ago, the French start-up announced an analysis of its financing and cost structure as well as a potential reduction of its payroll. For the moment, the company does not mention any problems or difficulties, but it seems to have lost its splendor. Launched on the Paris Stock Exchange at the end of 2020, Hopium saw its value multiply by four for a few months, before returning to its initial stake. Last Friday, the stock was worth 6.40 euros.

 

Faced with these financial complications, the company has provided details in a press release, published on January 13. Among the measures put in place as part of a new roadmap, there is notably a restructuring of the management team and staff: “These measures, which should enable the finalization of the development of the platform with a view to its industrialization, will consist in particular of sequencing the development of future prototypes and adjusting staffing levels, in order to better distribute the company’s financing needs in the coming months.”

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Hopium is a futuristic project of hydrogen-powered vehicles that could be marketed by 2025. After the Motor Show, the financing of the Crédit Agricole, a factory project in Normandy and the first pre-ordered sedans, everything seemed to be going well.  But the French company could well reduce the sail…

 

Last October, this sedan with a Back to the Future look was announced as the direct competitor of Tesla’s intelligent cars. Presented at the Paris Motor Show, it was a great success, with pre-orders already on the books and the announcement of the establishment of a first factory in Normandy, capable of producing 20,000 vehicles per year. However, not all the lights are green at the beginning of this new year.

 

A few days ago, the French start-up announced an analysis of its financing and cost structure as well as a potential reduction of its payroll. For the moment, the company does not mention any problems or difficulties, but it seems to have lost its splendor. Launched on the Paris Stock Exchange at the end of 2020, Hopium saw its value multiply by four for a few months, before returning to its initial stake. Last Friday, the stock was worth 6.40 euros.

 

Faced with these financial complications, the company has provided details in a press release, published on January 13. Among the measures put in place as part of a new roadmap, there is notably a restructuring of the management team and staff: “These measures, which should enable the finalization of the development of the platform with a view to its industrialization, will consist in particular of sequencing the development of future prototypes and adjusting staffing levels, in order to better distribute the company’s financing needs in the coming months.”

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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