City Transformer raises $10 million to launch foldable electric car

City Transformer raises  million to launch foldable electric car
Written by insideindyhomes

At the end of last year, the production version of a foldable city electric car from the Israeli start-up City Transformer was presented. In development since 2014, the CT-1 is designed to alleviate space and parking problems in major cities. The manufacturer has now been able to raise fresh capital for the market launch.

City Transformer secured $10 million from multiple investors, according to a statement. The latest round of financing was led by the Lubinski Group, one of Israel’s largest car importers with 160 service and repair shops in Germany and car sales companies in France and Eastern Europe. Other investors include private investors and international companies from the transport and real estate sectors.

The fresh capital is intended to help accelerate the market launch of the CT-1. Series production is scheduled to begin in 2024. The fund lays the foundation to accelerate mass production of the CT-1 and expand operations in Israel and Europe, said City Transformer CEO and founder Asaf Formoza. “Major cities around the world suffer from crippling traffic congestion that has an extremely negative impact on people’s well-being. By combining Israeli innovation and German engineering, we want to be part of the movement that is changing the way we move around urban areas.”

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The CT-1, which is 2.5 meters long and 1.58 meters high, can fold its body to a width of one meter at the touch of a button, compared to the regular 1.4 meters. The drive consists of an electric motor on each of the rear wheels, which together generate 15 kW (20 hp). This allows the vehicle to reach speeds of up to 90 km/h, but only 40 km/h are possible in folding mode. The target range is 180 kilometers. The battery should be able to be filled to 80 percent in 30 minutes on fast chargers. A full charge at home takes between four and six hours.

City Transformer promises a particularly sustainable electric vehicle with a low carbon footprint during manufacture and assembly and throughout the entire life cycle. The vehicle from Israel is also said to be the safest in the electric lightweight class L7e, thanks in part to airbags. Another advantage should be the minimal operating and maintenance costs. Companies should be able to easily adapt the CT-1 for different purposes thanks to the underlying modular “skateboard” platform. A version for transporting goods over the last mile is already planned.

Interested parties can already pre-order the CT-1. The price is initially 12,500 euros instead of the later planned 16,000 euros. For the pre-order, a deposit of 150 euros is required, which can be refunded on request.

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