Mission Motors has submitted an SEC Form D filing that shows that the San Francisco based company has raised $3.36 million in a $4.67 million investment round. While Mission Motors won’t comment on the SEC filing, the use of the funds is presumably to go towards bringing production of the Mission One and subsequent Mission motorcycles into reality, as the Mission Motors team gears up to bring its creations to market and establish a production facility.
After already confirming that they wouldn’t be in attendance at Infineon this weekend for the TTXGP season opener, Mission Motors has reaffirmed in a company blog post that they will not be racing in Sonoma this weekend, and have also announced that they will not be competing at the Isle of Man’s TT Zero event later this summer. The news is a bit of a disappointment for the electric motorcycling world, as the hopes of having an event where all the major brandscould be on the same track at the same time seems to be slipping from our grasp.
Even though the official TTXGP entry list isn’t due to be out until Monday morning, Asphalt & Rubber has been working hard to find out what electric motorcycle manufacturers would be at Infineon for the first round of TTXGP. We already expect Zero to show up on something that doesn’t rhyme with Ravizen, but what about Mission Motors, MotoCzysz, and Brammo? The answer to that question would be: no, no, and maybe…but probably not.
After Gov. Schwarzenegger signed into law California’s Clean Vehicle Rebate Project (CVRP), the Governator took a tour of electric vehicle companies in the Golden State. The new law lops $1,500 off the sticker price off an electric motorcycle for California residence, which in many cases means over 15% off the sticker price.
Taking a look at both Zero Motorcycles and Mission Motors, Gov. Schwarzenegger made endorsing comments about the two companies and how they are allowing California to take the lead in the emerging electric vehicle markets.
Mission Motors has announced today that they have replaced co-founder Forrest North in his role as company CEO. The move signals a change within Mission Motors that shows the company focusing on bringing products into production and putting them into consumers’ hands. In their announcement, Mission Motors’ Board of Directors have begun their search for a long-term CEO with experience in product development and automotive manufacturing, but in the interim the company will be headed by its current COO Jit Bhattacharya.
The transition, while seemingly drastic, is one that every startup must face as it moves from a visionary and industry challenging mindset to a functional and operational capacity. This movement in management is one that virtually all startups face at some point or another, and something we’ve talked about here in some detail in our “Tradition is not a Business Model” series, so it’s announcement at this point in time isn’t terribly surprising to this author, and storied lesson in entrepreneurship that transcends even into the motorcycle industry.
In conjunction with its announcement that Forrest North has stepped down as CEO of Mission Motors, the San Francisco based company is also announcing that the delivery dates for the Mission One electric superbike have been pushed back from Q4 of 2010 to Q2 of 2011. Mission Motors attributes the deadline push-back to the unforeseen economic collapse in both the motorcycle industry as well as in the capital markets. Despite these setbacks, the company is still on track to deliver the Mission One in a timeframe quicker than or equal to the industry norm, and has also revealed that an addition to the Mission One (which we’ll dub the Mission Two until we hear otherwise) will be announced later this year.
Chongqing Zongshen Power Machinery Co. announced today that it has signed a memo of cooperation with Mission Motors, which could see the Chinese company link up with the San Francisco firm to develop electric drive systems for the emerging market and in other markets throughout the world.
In the memo, Zongshen outlines its intent to become a major shareholder in Mission Motors, and to also inject capital into the small startup after it presents a three year plan to the Chinese company. For Mission Motors the move would be valuable strategic partnership to gain a foothold in China, which already has a booming two-wheeled market and need for reduced CO2 emissions.
It was a busy weekend in the A&R office, not only was John Adamo out talking on the EVcast, but our own editor Jensen Beeler took some time this Sunday talk (at length!) to Steve McQueen and the Motorcycle Nation podcast. Jensen and Steve cover everything from how Asphalt & Rubber got its start (spoiler alert: he lost a bet with Warren Buffett), A&R StreetLevel, electric motorcycle startups, American motorcycle companies, and just about anything else that came up in-between.
Listen to the podcast after the jump, subscribe to Motorcycle Nation on iTunes, and listen to Jensen learn what life is like on the other side of the interview table after the jump.
Want to see what the fastest production electric motorcycle looks like as it power-wheelies and slides the back-end around Infineon Raceway? The folks at Mission Motors thought you might, and put together a promotional video that showcases the (Editor’s Note: Mission Motors President Edward West has commented below that this is a fan video) Mission One doing its thing to an urban beatnik vibe. Grab a cup of your favorite fair trade coffee, put on your hipster skinny jeans, and get ready to see motorcycling through the eyes of the Mission District à la San Francisco in the video after the jump.
Following yesterday’s announcement that Zero Motorcycles will be entering into electric streetbike racing and the TTXGP, comes news that Mission Motors will also be entering the TTXGP series with their LSR setting Mission One sportbike. The first stop of the TTXGP North American Championship is set to be held at Infineon Raceway, which has been the test track of choice for Mission Motors and the Mission One. Press release after the jump.