With just one week until its equity crowdfunding campaign on StartEngine comes to an end, Storm Sondors’ latest venture, his self-titled electric car company, has surpassed $800,000 thanks to nearly 1,250 investors. Sondors has made headlines over the past couple of years for his crowdfunding success, Sondors eBike, and the campaign originally sought to raise a minimum of $70,000 (max $1 million).
This past summer, Sondors filed a Form-C and accompanying offering details with the Securities and Exchange Commission (SEC). Sondors’ Electric Car Company is now seeking to design, develop and manufacture an affordable electric car. Much like StartEngine alum, Elio, the Model Sondors electric car is being designed to have three wheels, which the company revealed creates less drag and reduces the amount of energy needed to move it. It will also have three range options: 50 miles, 100 miles, and 200 miles. The company explained:
“Our mission is to offer a cost-effective and clean alternative to our daily transportation. We believe the car world is going electric. We want everyone to be able to drive to work with a cool looking electric car. We want to make a change, for the better. We do not have time to wait around. We need a solution right now to transform how we drive to work. The world is changing. Let’s change it together.”
Sondors himself stated:
“There are enough creators for useless stuff and very few who actually create what’s useful. Henry Ford built the first affordable car and changed the face of transportation. I want to build the first affordable electric vehicle and transform transportation once again. I first started an electric bicycle company because I wanted to ride in Malibu, feeling free and having fun. I wanted to offer a bicycle that was built with high quality components for under $1,000. Everybody thought it could not be done. I have since shipped SONDORS electric bikes to the delight of more than 17,000 loyal SONDORS owners worldwide. Now I want to build an electric vehicle for $10,000. The next great American electric vehicle is being built in my garage. Together we will start the electric transportation revolution.”
The company also revealed 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 is expecting sales of the vehicles to exceed 120,000 units in the first year alone.
The campaign is scheduled to close next Saturday (December 31st).
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