Micro-EVs Could Be The Future of Urban Mobility - Here’s One Company To Keep Your Eye On By Faith Ashmore, Benzinga
Long Beach, CA
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December 13, 2022 11:45 AM Eastern Standard Time
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For Marcus Li, the founder of Eli Electric Vehicles, the problem of the century is congested cities with what he labels misfit solutions for transportation.
In your typical city, especially in the US, most of the cars on the road and used in private transportation are highway cars. Essentially, there are limited reasons for large SUVs and similar car makes to exist in cities. They take up valuable space while contributing to pollution, congestion, urban sprawl, and overexploitation of the materials required for car manufacturing.
Nearly 70% of the global population is projected to live in cities by 2050. Simply put, consumers need a better option than the status quo if they want a vehicle in a city but have no reason to maintain a full-size vehicle. There is a need for cars to be designed for cities, especially when the highway car model is not compatible and cities are only projected to grow. In the US, 50% of daily trips are under 3 miles and 75% of all car trips are under 10 miles.
This is where micro vehicles come into play.
A micro vehicle is the smallest size of car available with three or four wheels and a smaller engine. Many micro vehicles are electric. Micro vehicles are a concept that has been introduced previously, especially globally where micro vehicles are popular modes of transportation in countries like China, India, and European countries. The market is only expected to grow as countries are pushing for greater emission regulation and consumers shy away from more expensive models of cars that are ill-suited for their daily needs.
The micro electric vehicle market is projected to reach $22.11 billion in 2029 with a compound annual growth rate of 12.7% between 2022-2029. In 2021, the industry was worth $8.32 billion.
With micromobility – a term that refers to a range of small, lightweight vehicles operating at speeds typically below 15-25km/h – on the rise, there is a growing demand for cars that fit one or two people and are designed for trips under 10 miles. This demand is what drove Eli Electric to create its flagship micro-EV model, Eli ZERO. The company says the Eli ZERO model is less than half the size and 3 to 10x more energy efficient than a conventional car. Their car starts at $11,999 and has a battery with a range of 45 to 90 miles. It is designed with cities and consumer needs in mind.
Eli Electric Is Ready To Fill A Gap In The Industry
Eli Electric is focusing on European and North American markets; in the micro-EV world, the West has been slow to adopt the micro-EV model. While countries in the Asia-Pacific region have a more competitive market, there is relatively abundant opportunity and high demand in America and Europe.
The Eli ZERO model is already in production and has been successfully developed and delivered. It has the necessary certifications in the European Union and the United States. Sales have started in the EU with more than 20 dealers and 3 distributors. Eli Electric has a partnership with OEM manufacturers and can produce over 15,000 units per year.
Eli Electric is currently hosting another round of crowdfund raising to help meet the surging market and to expand sales in the US. The company has a history of successful grassroots campaigning. It has nearly 3,000 investors on board and during its first fundraising push, the company raised $11 million and used the funds to produce Eli ZERO and launch sales in Europe.
It would seem clear that the future of urban mobility is intrinsically connected to the micro-EV model. Government encouragement like Biden’s target to have 50% of all vehicles be electric by 2050 only furthers this point. Eli Electric is positioning itself to be a leader in the European and North American markets.
Click here to read more about Eli Electric’s raise and how to invest.
Eli Electric Vehicles is reimagining personal vehicles by creating advanced, efficient and affordable micro-EVs for daily short trips. Headquartered in California and Beijing, Eli aims to be the leader in electric transportation for short-range and high frequency trips. It’s flagship micro-EV, Eli ZERO, is a next generation personal vehicle that empowers riders to reconnect with their neighborhood and cities and ultimately reduce the congestion, inefficiency and pollution caused by oversized highway cars.
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