Former Volkswagen CEO joins Piëch Automotive

The electric car startup Piëch Automotive AG is on the home straight for the launch of its electric sports car. According to a press release, the startup founded by son of Ferdinand Piëch, Toni, and Creative Director Rea Stark is “preparing for the next pivotal stage” in the relatively new company’s history. 

Matthias Müller is the new Chairman of the Board with immediate effect. From 2010 to 2015, he was CEO of Porsche and Member of the Executive Board of Porsche Automobil Holding SE and, from 2015 to 2018, CEO of Volkswagen. The new dual CEO leadership team includes the long-standing Chief Technology Officer Klaus Schmidt. He previously held various positions at BMW and was Vice President of Chinese automaker startup Qoros. The second CEO appointment is Chief Marketing Officer Andreas Henke. The two are being tasked with “completely redefining the brand and the relationship” that is developed with its customers. As a specialist to build up its sales activities, the company has recruited Jochen Rudat, Tesla’s former head of sales for Europe. 

Coinciding with a number of leading executives being appointed, “the design of the battery-electric sports car has been finalized, and the company will now commission the first prototypes, secure significant vehicle development partners, and commence construction of the Piëch Engineering Campus in Memmingen, Germany”. According to its press release, Piëch Automotive’s “highly innovative modular vehicle concept is unique in its flexibility”. It enables numerous body variants, drive types and continuously possible upgrades in hardware and software. Piëch Automotive is also pursuing new ways to operate with a capital and resource light business model.

To launch the first of three planned vehicle concepts, the two-seater electric sports car, the company will showcase its “revolutionary battery and charging technology” at the end of 2022. It can achieve 80% battery capacity for a range of 400 kilometers. 

“I was immediately enthusiastic about the mission of the two founders, because it is more compelling and more visionary than all the new approaches I have encountered during my work in the automotive industry,” said Matthias Müller. “It is an endeavor that will receive my wholehearted support.” 

The successfully concluded series A funding round that brought in investor and PayPal co-founder Peter Thiel will be followed by a series B round in the coming months, under the leadership of UBS as sole financial advisor.