Quebec City Based Dubuc Motors Is Launching an Electric Sports Car Tomahawk Which Will Be the First Canadian Manufactured Car That Raises Equity Through the U.S. Crowdfunding Program.
Quebec city based Dubuc Motors is launching an electric sports car Tomahawk which will be the first Canadian manufactured car that raises equity through the U.S. crowdfunding program.
After spending years looking for financing in Canada, Dubuc Motors is now successfully campaigning to raise money through StartEngine, a platform that facilitates the U.S. JOBS (Jumpstart our business Sratup) Act, making it possible for private companies to connect with investors for funding.
“Nobody wanted to invest in cars in Quebec. We wanted to prove that our technology was different and we could make it” said cofounder and Chief Executive Mario Dubuc.
Dubuc and partner Mike Kakogiannakis got together through their mutual love of cars and in 2004 started designing the Tomahawk electric sports car part time.
The Tomahawk is like a hybrid between a Tesla Model S and a Dodge Viper, with a bit of Lamborghini. It has a top speed of more than 250 km/h and goes from 0 to 96 km per hour in 3 seconds. It has a chasis built of bonded aluminium.
Until now Dubuc Motors has spent more than a million dollars in developing the Tomahawk from the two partners’ personal resources in addition to some “love money” on the way.
The target is to raise $15 million for a 10 percent stake in the company which would depend on how the investors react to the initial campaign.The partners have adopted a differentiation strategy by targeting the car for wealthy customers who want to buy a flashy and fast electric car. Tomahawk is designed to be the only “2+2”-seat (built for the front driver and passenger plus two smaller seats in the rear).
“We wanted to develop a car that wouldn’t compete with the big automakers. If we were to do that we would get hammered” Kakogiannakis said. “What we‘re trying to do is complete Tesla’s line, not compete with it.”
Tomahawk is expected to be market launched in 2017, with a price of about $110,000. They plan to sell 1,500 cars a year with 200 in 2017. They have already started taking pre-orders from Asia, Europe and South Africa.