Sway Motorsports is gearing up to roll out its electric three-wheel motorcycle for mass production this fall, and has plans to team up with at least one lender by 2018 to offer vehicle financing, Joe Wilcox, the startup’s founder, told Powersports Finance.
The company is seeking a financial partner to make the vehicles more affordable for consumers, Wilcox said. Sway has two models — the Sway Lithium, which will retail for $7,999, and the Sway LithiumPlus, which will retail for $10,999. Sway’s vehicles are still in prototype, but the company has already secured 100 preorders.
Sway’s motorcycles are unique in that riders have direct control of vehicle tilt with their legs, through the patented linkage design. Sway can turn more tightly than a traditional motorcycle, and riders don’t have to balance the vehicle at a stop.
Separately, Sway is in the initial design process of creating a faster on-highway vehicle prototype, “but we want to prove the architecture on a slower pace first,” through Sway’s current prototype, he said. “We want to wet our beak one [vehicle] at a time here,” he said, but Sway hopes to have the highway-speed prototype available in 2018.
Govecs Group, a German electric vehicle manufacturer, backs Sway with powertrain protection; electrical and mechanical engineering; consulting; prototyping; and testing and validation. “[Govecs] has several avenues towards financing that we can explore, and partners we can talk to,” Wilcox said. For example, Govecs is partnered with CreditPlus Bank, according to Govecs’ website, however Sway declined to specify which lender partner it is considering.
The financial partnership is expected to be in place next year, when Sway will shift its focus from vehicle development to broadening its reach through “various direct dealer distributor financing models,” Wilcox said.
Sway’s vehicles will be distributed in the U.S. initially, but the company plans to expand into other markets soon, according to its website. The vehicles will be street legal for Europe, North America, and Asia. The company’s current vehicles are available now for test driving in the San Francisco Bay Area.
Also of note, Sway Motorsports appeared on reality TV’s Shark Tank in Season 6. Wilcox struck a deal with businessman and investor Mark Cuban for $300,000 for a 20% equity stake in the company.
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