Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday.
Chief Executive Asaf Formoza told Reuters the company, which has so far raised $20 million, has selected a factory in Western Europe where it will have initial annual production of 15,000 vehicles, but cannot disclose its location yet.The CT-2, which is already approved for use in the European Union and Britain, has a range of 180 kilometers and is 1 meter wide in "city mode." This makes it narrow enough for four of them to fit into a conventional car's parking spot, Formoza said.
The EV can fit two people sitting in tandem, or could be used for last-mile delivery or other businesses, the company said."Is there a reason a person like you or me needs to maneuver in the city in a two-ton car and 600 kilograms of battery?" Formoza said.
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