The Crowd-Funding of Myers Motors’ Car Explained

Myers Motors is proposing to build a non-traditional electric car to perform certain driving tasks that 10s of millions of people do every day.  Myers Motors is proposing to build affordable and practical electric four-wheel cars that are as enjoyable to drive as your first car – and that are built with extreme capital effectiveness.  Myers Motors is also proposing to fund all or part of this new car program through crowd funding. 

With crowd funding, a project is described and people commit to funding that project in return for something – and if the project is fully funded, then the committed funds are released to the project proposers to bring their project to life.  Building a car is a bit more complex than that and so the crowd-funding program will, instead of being an all or nothing proposition, be a milestone-funded program.  In other words, there may be 10 major milestones to reach the end of bringing a car to market, and so each of the milestones will have its own funding requirement and timing. 
 

Finances Required to Bring to Life Myers Motors’ 200 MPGe Electric Car

The traditional cost to bring a new car to market is in the $500 million to $1 billion range.  It has taken Myers Motors nine (9) years to develop an electric drive system, “the lowest cost (a DOE manager) lithium battery system (had) ever seen,” and a way to integrate new and existing technologies to bring a car to market on less than $20 million.   This $20 million includes the costs of engineering and “certifying” a four-wheel car to meet FMVSS requirements in addition for tooling sufficient to make 10,000 cars per year.

How does Myers Motors plan to bring a car to market for only $20 million?  That is part of our secret sauce ... and part of our methodology will be revealed once we reach the funding for Milestone One. 
 

Milestone One 

Running Prototype -- $300,000.  
Myers Motors has the “lowest cost lithium battery system (a DOE manager had) ever seen” and what is likely the lowest cost electric drive system in the industry for highway legal electric vehicles.  Putting an early version of an extremely capital efficient chassis underneath this drive system and putting the cool looking body (pictured above) around the electric drive system is what Milestone One is about.  Milestone One funding will enable Myers Motors to demonstrate in physical form the working out of our nine (9) years of effort that has resulted in this plan to bring this exciting four-wheel electric car to market – on about 98% less money than is traditionally done.  And, it very well could be just the tipping point we need to get the lion’s share of the funding we need to bring this most affordable, and yet, stylishly fun to drive, car to life.
 

Milestone Two
 
3,000 Vehicle Reservations -- $700,000. 
 
When our founder first drove the Corbin Sparrow his mid-western sense of aesthetics did not fully appreciate the Sparrow look.  But, after driving the vehicle ... after seeing how much of a positive attention magnet it was ... after thrilling to the quick acceleration ... he saw that the Sparrow could be the beginning of something big.  That something big is this electric car.  It is much easier to sell a car when there is one that can be touched, sat in and driven.   If the full funding was not procured on reasonable terms based on the prototype, then the successful completion of this Milestone should result in full funding. 
 
Crowd-Funding Deposits 

Deposits will be placed in a bank account (Dollar Bank) that will be identified by the depositor’s name.  The deposits will be held for six (6) months or until the first Milestone has been reached has been reached, whichever comes first.  If Milestone funding is raised first, then Myers Motors will apply those deposits towards one or more Milestones .  If six (6) months comes first, then Myers Motors will refund any and all deposits, less any bank, credit card, or PayPal fees (not to exceed 5% of the amount deposited). Note that all crowd-funding deposits, once used to meet a milestone, are not refundable.   
 

Help start the 2nd EV Revolution!

3: Crowd-Funding Deposit - Patriot Level
I am interested in being part of the crowd-funding program. I understand that my crowd-funding refundable* deposit will be worth a reduction of the $24,995 MSRP of 200% of my crowd-funding deposit. For example, if I make a $1000 crowd-funding deposit, the remainder I will owe on my vehicle will be:  $24,995 - $1,000 deposit - $2,000 bonus.  This means that the MSRP of my personal Myers Motors electric car will be:  $21,995.  After the $7,500 Federal Tax Credit is applied, the base cost of my personal electric car (plus tax, title, delivery, options, etc.) will be $14,495.  Certain States have programs that can further reduce the effective purchase price of your vehicle. To see what additional incentives your state might offer, go to: www.pluginamerica.org.
Deposit Amount  

PayPal and Major Credit Cards Accepted
* Any bank fees that result will not be refundable – bank fees will not exceed 5% of the deposit

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