July 2024 Newsletter

Hope everyone’s been having a nice summer and staying cool! We’ve got some great updates for you, so let’s dive right in! 🌊

👔 New Advisor Update:

We want to introduce you to our newest advisor, Pochi Wu!

Pochi is an international venture capitalist and entrepreneur based in Silicon Valley and in greater China with more than 30 years experience. Pochi has a wealth of knowledge and has already provided valuable insight to the team.

He is also a former adjunct professor in the School of Business and Management at The Hong Kong University of Science and Technology, where he has led undergraduate, graduate and professional level programs in entrepreneurship.

His passions lie in being a creative visionary and guiding innovators to build value for themselves and others. We are honored and incredibly grateful he has chosen to join our mission to advise and provide guidance.

In this podcast, Pochi shares his insights on entrepreneurship, venture capitalism,  and product-market fit: Tiny Dragon Podcast: “What makes a startup investable? with startup professor Pochi Wu”

🛠️ Engineering Updates:

It's been a productive month at the Lit Motors Portland & Arizona labs!

In Portland, our engineering interns Max Freeman, Claire Peck, Mohammad Ahmadi, and Colin Brace have been working closely under the direction of Daniel Kim, Stefan Schaeper, and David Bailey.

They’re working on the development of our new vehicle CAD architecture for EP5, and have weekly meetings to assess and discuss next steps.

Below are some sample images we've made non-confidential to share with you (excuse the low res and deleted detail).

In Arizona, Mike Bailey continues to progress with the subscale CMGs. He has made two subscale gyros for the test rig, and is working on wiring up the sensors and integrating the complete embedded system in the lab.

He is also working with our engineering interns in Portland as they are beginning to assemble a balancing rig for testing the new CMGs.

🌐 Design / Graphics Update:

Our design / marketing interns Chloe Ahn & Akshata Jha have updated the graphics for our Wefunder campaign page this month with some added information and have been working on a new framework for our website to enable smoother navigation for site visitors.

💺 Seat Prototyping:

Our Industrial Design intern Mahlynee Marino has been diligently working on iterations for seating and has produced an initial prototype. To further improve the design, we constructed a quick wood version of the seat box, allowing us to perform a detailed analysis of the seating dimensions based on our average passenger height demographics.

The goal is to ensure comfortable seating and ergonomics for passengers. Below are a few process photos.

📊 EV Market Forecast News:

Lit Motors was included this month on a list of major market players projected to make an impact in the global light electric vehicle market. The Taiwan News, an English-language news site, published an article referencing the latest research report conducted by Report Ocean on this market. Read the article here.

We are continuing to see increasing public interest from Europe, Asia, and the United States as Lit Motors spreads through news and social media platforms.

It's very clear to the world that the use case of our vehicle has a global solution appeal. With overall EV sales projected to be 17 Million by the end of this year, the EV market is on track to hit the 2026 forecast of 25% of all vehicle sales worldwide.

Thank you for helping share the news with family and friends! We truly appreciate you joining and supporting our mission!

Warmly,

Daniel Kim

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