$1m on the Shop Floor
Happy Friday! As I walked out onto the shop floor early one morning this week, it occurred to me that, looking around, I could see $1m worth of vehicles, tools and inventory!
In this impromptu video, there are 2 completed CV1s, 3 CV1 builds in progress and another R&D build in progress. Once all these vehicles are delivered to their waiting customers, the vehicles represent about $600k in revenue. The aluminum boxes are part of $60k worth of custom aluminum parts. The raw cost to make our popup top mold was $30k (true value much more!). Our lithium powered forklift is worth $20k+, the CNC and dust collector are worth $25k and our upcoming 2020 audit shows over $250k worth of inventory on our shelves. $1m is a significant milestone and there is no way we could have gotten here so fast without the help of our investors, so thank you!
Also significant, our payroll has reached $70k/month. Our "executive" team isn't taking home big paychecks, so that money goes to good paying, full time jobs with benefits. We have a diverse team made of young, old (ahem), multiple ethnicities, genders, family sizes and skill sets. In these challenging times, our employees have been able to rely on us and that feels great! As an investor, you are making a direct impact in the lives of our employees and their families.
Just because production is growing, we haven't slowed the pace of R&D. In 2021, we are accelerating! We have several really cool and exciting R&D projects in the works. We are so excited to share these projects with you, but we need to be careful. We don't want to distract potential customers from the already amazing qualities of our production CV1, we don't want to tip off our competition and the timeline for R&D is always uncertain. If, as an investor, you want more insight and input into R&D, you are welcome to contact us directly - we look forward to speaking with you!