Hwa Ag

What Hwa Ag does

HWA AG is a publicly listed German automotive engineering company headquartered in Affalterbach, Germany, founded in 1998 by Hans Werner Aufrecht. The company operates from a 17,500 m² facility and employs approximately 300 staff focused on motorsport-derived high-performance vehicle development and small-series manufacturing. Its core product portfolio comprises street-legal supercars — the HWA EVO, HWA EVO.R, HWA EVO.R 24H, and Sonderedition special models — alongside engineering services covering complete vehicle development, engine development, electronics development, prototyping, homologation, and special painting/wrapping, with annual capacity of roughly 100 vehicles.

Revenue is generated through two primary streams: engineering services (development, prototyping, motorsport support) and small-series vehicle sales, supplemented by after-sales services such as replacement parts, service, and revisions. The company pursues a sales-led go-to-market model, reaching customers directly and through a curated network of regional sales partners (Autohaus Velden, BingoSports, HK Motorcars, McLaren Toronto, Quadriam Collections) plus wholly-owned sales subsidiaries in the United States (HWA US Inc., Delaware) and Australia (HWA AUS Pty Ltd., Victoria). Customer segments split between motorsport teams and racing programs, luxury high-performance vehicle buyers, and automotive manufacturers requiring specialized development support. Historically the largest commercial anchor was the 15-year Mercedes-AMG customer motorsport partnership, which ended on December 31, 2025; its status as the company's defining commercial relationship is now undergoing transition, with negotiations to sell the unit having ended without conclusion. HWA reported FY2025 revenue of €75.4 million (up from €66.4 million in FY2024) and EBIT of -€6.7 million, with the negative result materially influenced by HWA EVO supercar development costs; the company's majority ownership remains concentrated with founders Aufrecht GmbH and Dörflinger Management & Beteiligungs GmbH, which together control over 75% of shares.

Name

Hwa Ag

Legal name

HWA AG

Website

https://hwaag.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

251–500 employees

Short description

HWA AG is a German automotive engineering firm that designs, develops, and small-series manufactures motorsport-derived high-performance vehicles (HWA EVO family) and provides specialized engineering services to racing teams, OEMs, and luxury vehicle buyers.

Ownership category

akta.pro rank

Headquarters

HQ city

Affalterbach

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Engineering Services: Development, prototyping, and engineering services for automotive industry including engine development, electronics, and complete vehicle development
2. Vehicle Production and Sales: Small-series production of high-performance vehicles including HWA EVO, HWA EVO.R, and special editions. Also includes the De Tomaso P72 project.
3. After-Sales and Support Services: Replacement parts, service, special painting and wrapping, repairs and revisions for motorsport vehicles and street-legal sports cars
4. Motorsport Programs: Motorsport support including the HWA EVO.R racing vehicle program, customer racing support

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

HWA AG is an automotive engineering company that develops and produces high-performance vehicles and motorsport technology. The company provides end-to-end engineering services — complete vehicle development, engine development, electronics development, prototyping, homologation, and small-series manufacturing — alongside its own limited-edition supercar models (HWA EVO, HWA EVO.R, HWA EVO.R 24H, Sonderedition). Operations are anchored at the Affalterbach headquarters with a 17,500 m² facility producing up to 100 vehicles per year, sold through a global sales partner network.

Product overview

HWA AG is an automotive engineering company and development partner for motorsport and high-performance vehicles based in Affalterbach, Germany. The company offers a portfolio of street-legal supercars (HWA EVO, HWA EVO.R, HWA EVO.R 24H, Sonderedition) and comprehensive engineering services including small-series manufacturing, prototype construction, complete vehicle development, engine development, electronics development, homologation, and special painting/wrapping services. The vehicles are developed with direct connection to real motorsport experience and are manufactured in limited quantities at the Affalterbach facility.

Differentiator

Problem solved

Functional benefit

Brands

• HWA EVO: Street-legal essence from motorsport and development - the core supercar model
• HWA EVO.R
• HWA EVO.R 24H
• Sonderedition

Products and services

• HWA EVO The street-legal HWA EVO is the company's core supercar model — a road-approved high-performance vehicle with direct connection to HWA's motorsport experience, precision engineering, and modern vehicle technology. Production is part of an exclusive small-series run of up to 100 vehicles per year at the Affalterbach facility.
• HWA EVO.R The HWA EVO.R carries racing DNA while remaining approved for street use, designed for both road and motorsport competition as part of HWA's next-generation racing platform.
• HWA EVO.R 24H The HWA EVO.R 24H is a further-limited, more uncompromising endurance racing version of the EVO.R developed specifically for 24-hour endurance competition.
• Sonderedition (Special Edition) The Sonderedition line encompasses exclusive limited-edition vehicle configurations with special features and bespoke variants beyond HWA's standard EVO and EVO.R production models.
• Small-Series Manufacturing (Kleinserienfertigung) Small-series manufacturing service providing tailored vehicle production for automotive clients, from first pre-series vehicles to limited production runs with high manufacturing quality and precisely tuned processes. Production capacity up to 100 vehicles per year.
• Prototype Construction (Prototypenbau) Prototype construction service covering the development and manufacturing of innovative prototypes for automotive clients and internal vehicle programs.
• Complete Vehicle Development (Gesamtfahrzeugentwicklung) Full vehicle development service for automotive clients, from design and engineering through to integration of all systems, leveraging HWA's motorsport and high-performance vehicle development expertise.
• Engine Development (Motorenentwicklung) Engine development service focused on powerful and efficient drive solutions for high-performance automotive applications.
• Electronics Development (Elektronikentwicklung) Automotive electronics development service delivering electronics engineered for maximum performance and safety in high-performance vehicle programs.
• Homologation Vehicle homologation service providing compliance certification for automotive clients according to national and international regulatory standards.
• Special Painting & Wrapping (Sonderlackierung & Folierung) Custom painting and vehicle wrapping service for unique vehicle appearances, available to HWA's own motorsport and road cars as well as client vehicles.

Quantifiable outcome

• 11 DTM driver titles and 180 race wins since 1988
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• RAVENOLcoreStrategic or Co-development Partner · 12 May 2026RAVENOL is the exclusive lubricant partner of HWA, supporting both the motorsport program around the HWA EVO.R at Nürburgring and the original equipment of the road vehicle HWA EVO.
• Mercedes-AMG GmbHcoreStrategic or Co-development Partner · 25 July 202515-year partnership in international customer motorsport ended December 31, 2025. HWA was development partner for Mercedes-AMG GT customer racing. Negotiations for sale of customer motorsport business took place but ended without conclusion.
• Autohaus VeldenminorChannel Partner/ Reseller/ DistributorSales partner for HWA vehicles - providing sales consultation and customer service for the HWA EVO in their region.
• BingoSportsminorChannel Partner/ Reseller/ DistributorSales partner for HWA vehicles - providing sales consultation and customer service for the HWA EVO in their region.
• HK MotorcarsminorChannel Partner/ Reseller/ DistributorSales partner for HWA vehicles - providing sales consultation and customer service for the HWA EVO in their region.
• McLaren TorontominorChannel Partner/ Reseller/ DistributorSales partner for HWA vehicles - providing sales consultation and customer service for the HWA EVO in their region.
• Quadriam CollectionsminorChannel Partner/ Reseller/ DistributorSales partner for HWA vehicles - providing sales consultation and customer service for the HWA EVO in their region.
• De TomasominorStrategic or Co-development PartnerHWA supporting De Tomaso in building P72 prototype vehicles, focusing on development and testing activities.

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• RUF Automobile: Germany-based small-series manufacturer of high-performance Porsche-based sports cars and engineering services. Most directly comparable to HWA in terms of small-series supercar manufacturing, exclusive limited production, and motorsport-derived technology.
• Brabus: German high-performance vehicle manufacturer and engineering house, specializing in Mercedes-based vehicles and small-series production. Closely comparable to HWA given the shared Mercedes-AMG heritage and small-series supercar business model.
• Pagani Automobili: Italian small-series hypercar manufacturer with deep motorsport engineering DNA. Comparable to HWA in exclusive small-series supercar production, complete in-house development, and motorsport-to-road technology transfer.
• Callaway Cars: US-based small-series high-performance vehicle manufacturer and engineering services company. Comparable to HWA through its combination of limited-edition supercars, OEM engineering services, and motorsport involvement.
• Koenigsegg: Swedish small-series hypercar manufacturer with proprietary powertrain and vehicle engineering. Comparable to HWA in exclusive small-series supercar production, internal engineering depth, and motorsport-proven technology transfer.
• Manthey Racing: Germany-based motorsport engineering company and Porsche factory partner with Nürburgring-focused operations. Directly comparable to HWA in motorsport engineering services, customer racing support, and small-series vehicle programs.
• Alpina Burkard Bovensiepen: Germany-based manufacturer of exclusive high-performance vehicles based on BMW platforms with small-series production. Comparable to HWA in small-series high-performance vehicle manufacturing and engineering-driven limited production.

Broad incumbents

• Prodrive: UK-based motorsport and automotive engineering services company with broader operations across multiple programs. Comparable to HWA in automotive engineering services and motorsport program support, though larger and more diversified.
• Multimatic: Canada-based automotive engineering, vehicle dynamics, and motorsport company. Comparable to HWA through automotive engineering services, motorsport programs, and small-series specialty vehicle manufacturing.
• Williams Advanced Engineering: UK-based motorsport-heritage engineering services company with broader electrification and mobility focus. Comparable to HWA in motorsport-derived engineering services and high-performance vehicle development capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/HWAAGOFFICIAL
• LinkedInlinkedin.com/company/hwa-ag
• Instagraminstagram.com/hwaag_official
• Xx.com/hwaag_official

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hwa Ag