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 additional funds the startup is raising should help speed up series production, Formoza added.
The CT-2, which is already approved for use in the European Union and Britain, has a range of 180 kilometers (112 miles) and is 1 meter (3.28 ft) wide in “city mode.” This makes it narrow enough for four of them to fit into a conventional car’s parking spot, Formoza said.
But the EV’s wheel base expands to 1.4 meters for “performance mode,” which doubles its top speed to 90 kilometers (56 miles) per hour.