On Monday, in a statement, Swiss electric car startup Piëch Automotive AG stated, it has appointed the former CEO of Porsche and Volkswagen, Matthias Mueller, as its new chairman.

Incidentally, Piëch Automotive is founded by Anton Piëch, who is the son of ex VW chairman Ferdinand Piëch. The startup is on the verge of launching its new electric two-seater sports car which is equipped with batteries that charge to 80% in under 5 minutes.

“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,” saidMueller.

The new car will have a mile range of 311 miles (500 kilometres). The concept will be showcased and be available for purchase by the end 2022.

Zurich-based Piëch Automotive has also hired former Tesla executive Jochen Rudat, as its head of sales.

Among its early-stage investors is Peter Thiel, said Piëch Automotive.

UBS will lead its next funding round, said Piëch Automotive.

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