Four years ago, Myers Motors was taking pre-orders for what was supposed to be a hyper-efficient, two-seat, three-wheeled vehicle, the NMG2. Then things went quiet. Real quiet. But, hey, whaddya know, there's been some activity. Thanks to tipster Sean, who was one of the original reservation holders, we have learned about Myers' new crowdfunding strategy to bring a new lower-priced EV to market. The effort will work like this:

Unlike the usual crowdfunding event, where a company raises like a bajillion dollars (or just tries to) and then creates the funded product for the people who forked over money, Myers Motors says that making its electric car will take more effort. To that end, the company is setting up milestones that, once reached, will allow the company to collect the pledged money and move forward. Right now, Myers is looking for people to pay/donate $500 or $1,000 to get in on the ground floor. Should the EV ever be built, this will be money well spent, since Myers if offering a 200-percent bonus for crowdfunders. Thus, a $1,000 pledge not only drops the $24,995 MSRP for you down to $23,995, you also get a $2,000 bonus. Thrown in the $7,500 federal tax credit for plug-in vehicles (is applicable), and your final cost is $14,495.

Of course, there are hurdles. After all these years of development, Myers says it still needs $20 million to bring a car to market. That $20 million will pay to engineer and certify the car – now a four-wheeler – to meet FMVSS requirements and then make 10,000 cars per year. Myers isn't asking for all $20 million right now, but "just" $300,000 for Milestone One, which will be making a running prototype. The next milestone (at $700,000) will be for 3,000 vehicle reservations. More details are available over at the Myers Motors Crowdfunding page.


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  • 18 Comments
      Ele Truk
      • 1 Year Ago
      When did it get the 4th wheel (and why)? One of the points of the NMG was it would be cheaper to build classified as a motorcycle and therefore not require expensive crash testing certification. Nope, I see Myers NMG going down the same route as Aptera, engineered to death. $20 million, hah. Tesla spent like 1/2 a billion for the Roadster, and that was based on an existing car frame.
      paulwesterberg
      • 1 Year Ago
      If you want a cheap, economical new electric vehicle you could get a Leaf for 21k(after tax credit). Using crowd funding to create a new affordable new electric vehicle may have worked 5-6 years ago when gas prices were high leading to there was a lot of demand in the marketplace but no mass produced vehicles. Nowadays you can walk over to a dealer and put your butt in electric vehicle for a reasonable monthly lease payment.
      Ian Bruce 伊恩·布鲁斯
      Anyone else see the front end of a 10 year-old Nissan 350Z on this thing? Except for the grill at the bottom -- that's closer to a 1998 VW Bug.
      brotherkenny4
      • 1 Year Ago
      The company does not have to be profitable or ever build the car for the upper management to make a nice living for many years. it's a nice flim-flam. Although, to be fair, there are no venture capitalists with vision anymore, or the capability to see opportunity.
      Val
      • 1 Year Ago
      Dan, where are you?!?! Quick, donate all the money (millions upon millions probably) that you have won from shorting the Tesla stock to these guys!!! They are apparently doing what you have always wanted!
        danfred311
        • 1 Year Ago
        @Val
        And I never recommended shorting TSLA. I specifically warned against it. I'd tell you what that makes you but there is no freedom of speech here. It wouldn't be flattering.
        Ian Bruce 伊恩·布鲁斯
        @Val
        We've switched on the Bat-shi... er, the Bat-signal... but no reply from Dan as yet.
        danfred311
        • 1 Year Ago
        @Val
        see above
      SteveG
      • 1 Year Ago
      A Honda Insight gen 1 would be much cheaper, are actually available and look pretty much identical to this design.
        Spec
        • 1 Year Ago
        @SteveG
        Or the VW XLI but with pure electric. I don't think Myers could ever raise all the money to engineer this and pay for all the crash tests.
          SteveG
          • 1 Year Ago
          @Spec
          Sure if money is no object. People looking at a spending $25k on a car could get a hell of a nice G1 Insight and fix it up for a lot less.
      Levine Levine
      • 1 Year Ago
      Myers is another scam just like Fisker motor.
      danfred311
      • 1 Year Ago
      I'd like to see something a little clearer than a single handdrawn sketch. I'd want to make sure that they very clearly departed the crippling Goofy look of the NMG (terrible name). It's also a mistake to make it slow. They should do it more like this http://www.zev.dk/design/Speedster.jpg That would sell I believe. But without assurances that they fully understand how terrible the NMG is I wouldn't touch them with a 60 foot pole.
        EVnerdGene
        • 1 Year Ago
        @danfred311
        OK Dan, I'm ready for your Happy Dan analysis. Also, I've done my guesstimate of the Cd, and would like to compare it with yours. Misc. - What makes you think it is slow ? - Seems to be a completely new vehicle from the Sparrow/NMG. But what was so terrible about the NMG? And, why do you assume this one is as terrible ? - Wouldn't that be an 18.29 meter pole in Denmark ?
      JoeP
      • 1 Year Ago
      There are a lot of logically negative comments here, which is understandable. On the other hand, imagination can encourage miracles. No one could have predicted that Tesla would be able to buy a huge manufacturing facility for $40M, and so on and on. It is easy to be in the stands making comments, but it's a lot more fun playing the game. In this case, I think their funding model is great. Even if they don't make it, they have created a new way to fund vehicles. It does seem that $25M is too low for a development budget, but I don't really know enough to be sure. These are new times, and people are figuring out new ways to do things. Those of us on the sidelines will be sad later when we see that the world has passed us by.
      LEONARD
      • 1 Year Ago
      Elo motors has the winning ticket, this is another Epic Fail from myers
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