The maker of a $3.4 million supercar that can hit speeds of almost 250 miles per hour has sensed the time is right to target a wider audience by going electric. Dubai-based luxury carmaker W Motors has hired investment bank Guggenheim Partners to help raise as much as $100 million to back expansion and its push into electric vehicles, founder Ralph Debbas said in an interview.
The 33-year-old’s overarching goal is to develop a homegrown car industry in a region that relies on imports. The new funds will go toward a new factory in Dubai, building inventory, and research and development.
“The ultimate goal since the beginning was to create a complete industry when it comes to automotive and future mobility,” said Debbas. “Now is the time to actually develop these things in house and spread them on a global level.”
