AUGA group, AB (hereinafter - "the Company") presented its AUGA M1 hybrid tractor for professional use (https://auga.lt/en/media/auga-group-presents-the-first-batch-of-the-auga-m1-hybrid-tractor/ ) at a media event held on 8 February 2023. During the event, the next phase in the development of the AUGA M1 hybrid tractor was presented to the media. The Company has published announcements on the development and production of the AUGA M1 hybrid tractor on 21 September 2021 (https://view.news.eu.nasdaq.com/view?id=badd2c2e040f481b3fd3138ddae5a1326&lang=lt) and 26 May 2022 (https://view.news.eu.nasdaq.com/view?id=be9e3f7f85936649c90ae8822aee59e9f&lang=lt), also including regular progress updates in its quarterly, semi-annual and annual reports on the Company's activities.
Although the media event on 8 February 2023 was not presented with any additional information that was substantially different from previous regular announcements on the development of the AUGA M1 hybrid tractor, the media coverage of the event on the day led to a reaction from investors, prompting interest in the Company's shares on the stock exchange, increasing the Company's share price and trading volume.
In light of the market reaction, the Company hereby informs on the planned further stages of the hybrid tractor AUGA M1 development:
· in 2023, the Company is going to continue growing its unit of agricultural innovations and technologies, which is both improving tractor AUGA M1 and taking care of its serial production, as well as is creating and developing other technologies for agriculture;
· it is planned that at the end of QI 2023 and at the start of QII 2023, the stage of testing tractors AUGA M1 of the first production batch, where different components are used, will be started in farms;
· the stage of farm testing of tractors AUGA M1 is going to be completed in QIII 2023, and the testing results should lead to choosing a combination of solutions to be used in the production of tractors AUGA M1, that gives the best result during production tests;
· we plan to start mass production of tractors AUGA M1 by the end of 2023.
The Company will keep informing investors about individual significant events in the Company’s activities by publishing relevant notifications.
Chief Executive Officer
+370 5 233 5340