A group of Swedish university students that raised $1.3 million (£1.07 million) in crowdfunding for their startup to build electric cars has caught the attention of German industrial heavyweight Siemens.
The two sides said Wednesday that they were starting a partnership that will see them create 50,000 lightweight city cars annually starting next year.
The twin-seat vehicles, called L7e, have 15kW engines with a maximum speed of 130 kilometres (81 miles) per hour. They weigh 400 kilograms (880 pounds) each and have a 150 kilometre (93 miles) range.
The cars are made from sustainable composite materials and will be unveiled in late 2017, with first deliveries scheduled for early 2019. The first high-end vehicle has a target price of 200,000 kronor $22,285 (£18,269) — the price for an electric Smart Car in Sweden is at least 210,000 kronor $23,400 (£19,183).
