City Transformer, an Israeli electric vehicle (EV) startup, aims to begin manufacturing its small urban CT-2 model in Western Europe by the end of 2024.
The company announced Monday that it would soon release a Series B financing round to raise $50 million.
15,000 initial annual production
According to CEO Asaf Formoza, the company, which has so far increased by $20 million, has selected a factory in Western Europe for an initial yearly production of 15,000 vehicles but has yet to disclose its location.
Formoza added that the supplemental funds raised by the startup should help accelerate succession production.
City Transformer’s City mode
The CT-2 has a range of 180 kilometers (112 miles) in “city mode” and is 1 meter (3.28 ft) wide. It’s already legal in the European Union and the United Kingdom. This allows it narrow enough even for four of them to fit into a traditional car parking slot, according to Formoza.
However, in “performance mode,” the EV’s wheelbase expands to 1.4 meters, doubling its maximum speed to 90 kilometers (56 miles) per hour.
According to the company, the EV can seat two people in pairs and be used for last-mile shipments or other businesses.
The CT-2 weighs 450 kilograms (0.5 tons), which is smaller than the weight of a Tesla Model 3 battery.
Is there a reason a person like you or me feeds to maneuver in the city in a two-ton car and 600 kilograms of battery?
Asaf Formoza, CEO of CIty Transformer stated on CT-2’s size
More opportunities for smaller EVs
Formoza asserts that by moving away from smaller cars, major automakers have made room for startups like City Transformer. The CT-2 will cost 16,000 euros ($17,400) before taxes.
The B (small car) segment is vanishing because carmakers make more on SUVs, so there’s going to be a huge void that us and others will look to fill
Asaf Formoza, CEO of CIty Transformer stated on opportunities for smaller EVs
Formoza added that City Transformer is petitioning the EU for subsidies for smaller electric vehicles like the CT-2 that are presently available for larger models.
