City Transformer: Foldable electric vehicle goes into series production

City Transformer, an Israeli electric car start-up, is accelerating towards mass production of its first foldable electric small car, the CT-1, after completing its Series A funding. The first e-vehicles can be pre-ordered, for a fee of 150 euros. But then the CT-1 is also available for 12,500 euros instead of 16,000 euros at the time of purchase. However, the environmental bonus/purchase premium for e-cars does not apply. The number of pre-orders is limited accordingly.

According to the start-up, the 10 million dollars raised will help City Transformer to push ahead with plans for the market launch of the CT-1. Mass production is expected to begin in 2024, with a rapidly growing pipeline of prospects in Europe (as the first market), North America and Israel. The Series A financing round was led by the Lubinski Group, one of Israel's oldest and largest car importers with 160 service and repair shops in Germany and car sales operations in France and Eastern Europe. Other investors include private investors and multinational companies from the transport and real estate sectors.

"The urban transport model is ripe for change and desperately needs fresh ideas to take us into a new era of clean air and sustainable travel. The team at City Transformer is going to have a lot of fun, and we are excited to be one of the early backers," said Dani Shavit, CEO of Lubinski Group, about the investment in the Israeli company. Dr Asaf Formoza, CEO and founder of City Transformer further elaborates, "With this round of funding, we are creating a solid foundation to accelerate mass production of the CT-1 and expand operations in Israel and Europe."

Prospective buyers of the e-vehicle can expect an exciting means of transportation. This is because the City Transformer can fold its own body to a width of one metre, compared to the regular 1.4 metres. The vehicle is powered by a 7.5 kW electric motor on each of the two rear wheels. This allows the City Transformer to reach a top speed of 90 km/h - 40 km/h in folding mode, with an estimated range of 180 km. Within the city, it sprints from 0 to 50 km/h in 5 seconds. If the battery is empty, it can be charged to 80 per cent in 30 minutes at a fast-charging station. At home, on the other hand, it takes four to six hours to recharge.