Israeli electric folding car company City Transformer, which is developing a super-compact city car, today announced plans for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE) in the second quarter of 2021 at a company valuation of NIS 450-600 million.
The company, which was founded in 2014, has developed a car which is 2.49 meters long and 1.4 meters wide with a special structure that can fold in to just 1 meter wide for parking in narrow spaces. The passenger area is rigid and is not impacted by the car folding.
The electric car has a range of 120-180 kilometers when fully charged, depending on the type of use, and can travel at a maximum speed of 90 kilometers per hour.
The car has a capacity for an adult driver and two children on the back seat or a load of up to 1,000 liters. City Transformer's development center is in Israel and the car will ultimately be manufactured abroad, possibly in China.
The company reports that it plans producing several vehicles in the third quarter in order to obtain regulatory approval in Europe in the "Quadricycle" category, which would make market entry into Europe easier but restrict use of the vehicle in comparison with regular cars. Car Transformer expects to begin serial production in 2022.
Published by Globes, Israel business news - en.globes.co.il - on January 24, 2021
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