Swedish electric boat manufacturer X Shore unveiled its latest electric boat, X shore 1, at an attractive price. Pricing boats similar to traditional ones will change the ownership profile beyond the wealthy.
According to Jenny Keisu, Chief Executive Officer, the new pricing starting at $99,000 pre-tax, will broaden sales.$329,000.https://www.bloomberg.com/news/articles/2022-09-01/x-shore-ceo-says-99-000-e-boat-could-herald-tesla-moment?sref=VN4F6KBf. This price is a fraction of other electric models, including the Eelex 8000 from the X Shore stable. The Eelex 8000 starts at $329,000.
Keisu says that the company can sell 40 boats easily every year to wealthy customers. But it wants a greater impact by replacing traditional boats with low-cost electric boats.
Tesla Moment
Among the several companies, X Shore wants to replace combustion-driven boats with battery-powered ones. These firms are pushing the boating industry to make the transition, with Keisu likening the launch of its X Shore 1 as a “Tesla moment” for electric leisure boats.
Keisu, in an interview, recalled when Tesla launched its Model 3 with pricing at par with regular cars, and the move changed the entire auto industry. Keisu was earlier employed with PE firm Nordic Capital and later founded one of the biggest impact funds in Europe, summa Equity. As CEO of X Shore, she wants to manufacture zero-emission boats by 2030.
Boats usually have a long life, and replacing the current combustion engine models with battery-driven ones will take more time.
Keisu said that X Shore would require additional capital to ramp up the battery-driven new models. In the April round of fundraising, it had raised $50 million from investors, including Peter Carlson, CEO, and founder of Swedish battery makers Northvolt AB.
X Shore will also require additional investments to access an uninterrupted supply of components. According to Keisu, the company will require to raise more funds within a year. She also said that the company would move in quickly if the board of directors wanted to go the IPO route and the market was favorable.
