With the Biden administration targeting a 50% sales share of electric vehicles (EVs) by 2030, Eli Electric Vehicles is preparing to scale up production when it launches pilot sales of its micro-vehicles in the United States next year.
The company has already ramped up small-batch production of these EVs to meet surging market demand in Europe.
The proportion of the world’s population that lives in urban areas is expected to increase from 55% today to 68% by 2050, according to the United Nations Department of Economic and Social Affairs. And compact, efficient and affordable transportation options — electric bicycles, mopeds and e-scooters — will help keep dense urban areas livable.
While electric bikes and scooters are great for short trips and solve some congestion and parking issues, they typically can accommodate only one person and many people won’t ride them in adverse weather conditions.
Micro EVs, however, can accommodate two people for daily trips in all types of weather. According to a McKinsey & Co report., micro-vehicles are “the next big thing.” A McKinsey survey found that 54% of global consumers would consider micro-vehicles as their future mobility solution and 31% would consider them to replace their car entirely.
On The Road To Growth
The global micro EV market size is projected to grow from $9.57 billion in 2022 to $22.11 billion in 2029, exhibiting a compound annual growth rate of 12.7%, according to a report by Fortune Business Insights.
In the U.S., half of daily trips are less than 3 miles, and 75% of all car trips are less than 10 miles — and most carry just one person. So swapping gas-guzzling SUVs and sedans for micro EVs should be a no-brainer.
Eli Electric’s zero-emission micro EVs are half the size of traditional personal vehicles and three to 10 times more energy efficient. They’re also significantly less expensive, starting at $11,999 with a range of 45 to 90 miles, depending on the option.
The Los Angeles-based company started sales in Europe with more than 20 dealers and three distributors. It has partnerships with two established original equipment manufacturers with a combined capacity to produce more than 15,000 vehicles per year.
Eli Electric Founder and CEO Marcus Li started the company with the goal of enhancing the urban experience through mobility innovation. He formerly served as chief architect at Greenman Machinery, where he led golf cart research and development.
The company is running a crowdfunding campaign onStartEngine where it hopes to raise $1.7 million. The minimum investment is $449.
Alternative investment insights from Benzinga
- Rentberry, the startup that’s disrupting the residential rental market, has extended its funding round on StartEngine another week. The company has already raised over $11.8 million from retail investors at a price of 87 cents per share.
- The banking and investment platform Nada has launched its latest product Cityfunds, the first index-like fund for a single city’s residential real estate market. The funds have a minimum investment of $250 and a projected IRR of 15%.
Photo courtesy of Eli Electric Vehicles on StartEngine
