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.