City Transformer has created the city car of the future.
Getting stuck in city traffic sucks. Pedestrians and cyclists usually get where they're going faster. Congestion in the world's biggest cities is nothing new and municipal governments are constantly looking for solutions, such as banning cars from city centers altogether. Another approach is to tax drivers who don't live in the city. Even flying taxis is an idea. But never let a crisis go to waste, as the old saying goes. Situations like this are ideal for creative solutions, like City Transformer. The Israeli electric folding car company is developing an ultra-compact electric vehicle that literally does just that - folds.
And now, according to the Globes Business Daily, the company is about to go public on the Tel Aviv stock exchange with a value estimated at $137 million to $183 million.
Founded in 2014, the car, called the CT-1, measures just 92.5 inches long, making it over a foot shorter than a Smart ForTwo, with a height of 60 inches and a width of 56.7 inches. It was designed specifically for urban parking but unlike any Smart car or original Mini Hardtop, it has one incredible trick: it can fold to just 39 inches wide in order to park in narrow spaces.
The company claims four CT-1s can fit into a parking space when folded. With an all-electric range of 62 to 93 miles on a single charge and a top speed of 56 mph (28 mph in narrow mode), the CT-1 may shrink to around the size of a typical motorcycle but it can seat up to four passengers; two adults up front sitting in tandem and two children in the back. The cabin, unlike the wheelbase, does not change shape.
The IPO will help City Transformer gain European certification for the CT-1 by the end of this year as a quadricycle. "Billions of people living and working in the city will be given a new alternative of effective and green mobility: one that combines the safety and comfort benefits of driving a car, with the benefits of parking, maneuvering and the savings of using a motorcycle," said CEO Asaf Formoza. "This, without the existing shortcomings of the car and motorcycle."
The CT-1 was even named on Time magazine's 100 Best Inventions last year. Production will initially be done by Germany's Roding Automobile, but serial production could also happen in China beginning next year.