Arc Vehicle Ltd, the company behind the Arc Vector electric motorcycle have entered into administration, despite raising almost £1million via crowdfunding.
The company piqued everyone’s attention when they announced their plans for the Arc Vector, a premium electric motorcycle with a price tag of around £90,000. Arc claimed the motorcycle would be capable of reaching a top speed of 150mph, and would accelerate from 0-60mph in just 2.7 seconds. That’s pretty fast.
Top speed and acceleration are all well and good. But there are usually two big stumbling blocks when it comes to current electric motorcycles. The range, and the weight. Arc also claimed to have sorted these issues, with a claimed weight of just 220kg thanks to the carbon fibre chassis, and a range of 362 miles. That range alone would put it way ahead of any other electric bike currently available.
CEO Mark Truman told Motorcycle News:
“The company has gone into administration because a couple of investors have let us down – they’ve promised us funds that have just never materialised.”
Truman went onto say that despite raising close to £1million via crowdfunding, he decided not to use that money as he didn’t want to take the money of ordinary people, only for the company to need another round of funding down the line.
It’s a shame to see a truly innovative company with such a promising product struggle, but perhaps an electric motorcycle that costs as much as a house isn’t quite what the market needs or wants right now. Arc have until October 10 to secure more funds, so this may not be the last we here from them.