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Dune buggy manufacturer Meyers Manx is pursuing a $30 million Series A to begin making electric versions of its iconic drop-tops, the company tells Axios.

Why it matters: The company is joining a growing list of automakers that see a profitable future in low-speed, high-margin "neighborhood electric vehicles." 

Catch up fast: Meyers Manx has been making big-tire, big-curve dune buggies since the 1960s, based on the classic VW Beetle chassis.

The latest: The company last year began teasing an ambitious electric rebrand — and, in August, debuted two electric models. 

One is the "2.0," a $74,000 two-seater that it'll build in limited volumes, making the buggy exempt from some expensive safety requirements. 

The other is the "Resorter," a $49,000 neighborhood electric vehicle capped at 25 mph.

The intrigue: A growing roster of automakers has started developing neighborhood electric vehicles, which have gained particular traction among luxury buyers. 

The vehicles have smaller batteries and fewer safety regulations — effectively insulating them from the volatile materials costs and supply chain calamities that have upended other ambitious EV plans.  

Driving the news: Meyers Manx this year began raising $30 million at a $100 million pre-money valuation. 

The round is being spearheaded by Trousdale Ventures, which acquired Meyers Manx in 2020. 

"We did not go out in an investment banker process yet, because we believe that the interest is going to be so strong that the $30 million will be very fast-committed by the ecosystem that we're close with," general partner Hinrich Woebcken tells Axios.

What's next: Meyers Manx, based in Valley Center, Calif., plans to produce a few thousand 2.0 and Resorter vehicles each year via a contract manufacturer in Utah. 

It's then eyeing mass production — and the federal safety requirements and capital demands it will bring — by 2030.

Scoop: Meyers Manx raising $30M for electric dune buggies

The company is planning neighborhood and street-legal models.

Two Meyer Manx two-seater dune buggies — one green, one tan — are photographed from above while parked in a golf course sand trap.

Meyers Manx showed off its electric dune buggy models in August in Carmel, Calif. Photo: David Paul Morris/Bloomberg via Getty Images

Electric vehicles

Dune buggy manufacturer Meyers Manx is pursuing a $30 million Series A to begin making electric versions of its iconic drop-tops, the company tells Axios.Why it matters: The company is joining a growing list of automakers that see a profitable future in low-speed, high-margin &quot;neighborhood electric vehicles.&quot;

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Scoop: Meyers Manx raising $30M for electric dune buggies

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