The company put its electric drift trike on Kickstarter earlier this month and raised 50 percent of its $20,000 goal within five hours. Less than two days in, 80 percent of that goal was reached. And as of this week, Local Motors has blown by its target and was sitting on more than $26,400 in funding from 49 backers.
The electric trike, with which has steel rear wheels surrounded by 10-inch carting tires and a 20-inch heavy-duty front wheel, has lithium cobalt manganese batteries that can be charged in three hours, and can go about 45 minutes, or about 12 miles (with drifting, distance is kind of tough to measure properly), on a single charge.
Last month, the company said it would show off brand new technology that can 3D-print an electric vehicle in as little as five days. It will construct an EV during the International Manufacturing Technology Show in Chicago in September. Check out Local Motors' statement on the Verrado trike and take a look at the Kickstarter video below.
Campaign Reaches 50% funding within first 5 hours; 85% at 40 hours
Phoenix, AZ – April 3, 2014 – After a successful crowdfunding effort for the Cruiser Motorized Gas and Electric-Powered Bicycles, Local Motors yesterday debuted the Verrado Electric Drift Trike campaign on Kickstarter.
"Crowdfunding is changing the way we make things happen at Local Motors," said Local Motors CEO Jay Rogers. "The Verrado Drift Trike has been a community inspired and developed product from the very beginning, like all Local Motors products. Our ability to crowdfund this effort with Kickstater enables us to move from prototype to production at an accelerated pace, and deliver a product that has a ready and waiting market."
The campaign, which has a target raise of $20,000, began at 1:30pm on Tuesday April 2nd. In 5 hours it had surpassed 50% of target. At 40 hours the campaign sits at approximately $3000 from full funding!