Update: Sondors’ eCar Project Secures More Than $575,000 on StartEngine

Last month, Storm Sondors, one of the creators of crowdfunding success Sondors eBike, launched an equity crowdfunding campaign on StartEngine to raise $70,000 for the company’s new project, the Sondors Electric Car. Nearly 30 days later, the initiative has secured more than $575,000 from more than 860 investors.

sondorsAs previously reported, Sondors filed a Form-C and accompanying offering details with the SEC. Sondors Electric Car Company is seeking to design, develop and manufacture an affordable electric car. The company is seeking to make eCar the most attractive and affordable electric car ever and predicts a base price of just $10,000. Much like StartEngine alum, Elio, the Model Sondors electric car will have three wheels instead of the usual four, which the company revealed creates less drag, which reduces the amount of energy needed to move it, and will have three range options: 50 miles, 100 miles, and 200 miles. The Sondors team revealed:

We are creating an electric car that makes sense to the average person. As we did with our electric bike, we’re taking something elitist, over-engineered, and overpriced and turning it into something real, simple to use, and practical. SONDORS is working to be the first real option for an affordable electric car.”

The company stated it is expecting to unveil a prototype of the vehicle within the twelve months of the StartEngine campaign’s closing date. Currently, Sondors is looking to securing financing initiatives, finalize technical aspects, and continue discussions with potential vendors, partners and suppliers for the prototype and production of the vehicle. The company did note that after the prototype is completed, it will leverage the data from marketing interesting through pre-sale program and quantifying demand to increase its valuation for the next round of financing. Sondors expects sales to exceed 120,000 units in the first year alone.

The StartEngine campaign will close once it hits $1 million.

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