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Air Car Shark Tank Update

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 As the name suggests, an Air Car is a car that runs on air. Compressed air is used to run the Air Car. The Air Car is a product by the Luxembourg-based company MDI and is licensed by Zero Pollution Motors. It is just the type of car to roam in a city.

A small, three-tire vehicle with very little noise and no pollution at all is a much-needed product in this century. The cost of manufacturing one car is between $3700 and $5100 and it is sold for around $10K.

Air Car at a Glance:-

IdeaEco-friendly car powered by compressed air
FoundersPat Boone and Ethan Tucker
Asked For$5,000,000 for 50%
Accepted Deal$5,000,000 for 50%
SharksRobert Herjavec
Business statusOut of Business
Episode No.Season 6, Episode 27
WebsiteAir Car

Index:

Who are the founders of Air Car?

Pat Boone and Ethan Tucker pitched for the Air Car on behalf of the US-based licensee Zero Pollution Motors. The Luxembourg-based company MDI produces the Air Car. Zero Pollution Motors aims at developing small and regional facilities that will produce the Air Car so that more people can use it and help save the environment.

Did Air Cars get a deal on the Shark Tank?

Ethan Tucker entered the show with Pat Boone and Robert Herjavec immediately recognized them. Ethan came on the show looking for an investment of $ 5 million in exchange for 50% of his business. After that, Tucker started his pitch by explaining the working concept for the Air car and how it is different from various other vehicles on the market. They don’t have a prototype of the Air Car, they just had a cut-out of it while pitching on the show.

Robert was excited about Pat’s hit. Daymond commented that it’s like a lunch box on four wheels. Mark Cuban, wanted to see how much growth it would do in the future and came out. Ethan also explained his relationship with the Hawaii company. Daymond John said it was too early and went out. Lori Greiner liked the idea but didn’t find it investable. She moved out. Kevin went out for the same. Robert still had trust in the guys and the product, he wished to take a ride out of it.

Robert gave an offer of $5 million in exchange for the right to enter the US market along with a 50% equity in the business. Robert justified his investment and said that once it boomed in Hawaii it would be one of the best businesses and most successful business start-ups. They accepted the deal and checked for $ 5 million.

See also  Suds2Go Shark Tank Update

What happened to the Air Car after Shark Tank?

After the show, the deal made between Air Car and Robert was never closed. Free marketing success was achieved by Air Car too. In the year, 2018, the closing of the deal was informed publicly on the company’s Facebook Page.

They share that they have developed a new product and we’re very pleased to share that the first factory making Air Pods should be rolling out by November at MDI in Nice, France. Also Shared, Once they have their prototype ready for launch in real, they’ll be opening an online equity IPO with Start Engine to raise funds of $1.5M to start their first US Air pod plant in the market on what they have been planning for so long.

During the pitch, they asked for a valuation of 5,000,000 and got the same valuation from Robert Herjavec. The Air Car costs between $3700 and $5100 and is sold for $10,000 per unit. Once they get their predicted amount, the federal, state, and local funds will kick in, which will help them to begin manufacturing their products. As of May 2022, their social media profile has not been updated since September 2019 but they are taking pre-orders from their website.

In September 2018, the company posted this on Social Media:

We are pleased to announce that the first factory built AirPods should be rolling out by November at MDI in Nice, France.Once we have a car, we will be opening an online equity IPO with StartEngine to raise $1.5M for the first US Airpod plant. Once we have raised this amount, federal state and local funds kick in, allowing us to begin manufacturing. More details to follow.

Competitors of Air Car

  • Jiffy Jeff
  • Naples Airport
  • Rick’s Ride
  • Blue Shuttle

What is the net worth of an Air Car?

The company’s valuation during the pitch was $10 million and got the same by a shark.

Is the Air Car still in business?

The Air Car is not in operation anymore. Air Car was not able to be successful at any stage. They tried to manufacture different products and started new units. Air Car takes pre-orders too, but their profile on social media platforms has been down since 2019 and gradually they moved out of business.

Air Car Social Links:

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FAQs:

What is Air Car?

Air Car is a car that runs on air. Compressed air is used to run the Air Car. The Air Car is a product by the Luxembourg-based company MDI and is licensed by Zero Pollution Motors. It is just the type of car to roam in a city.

Who founded Air Car?

Pat Boone and Ethan Tucker pitched for the Air Car on behalf of the US-based licensee Zero Pollution Motors. The Luxembourg-based company MDI produces the Air Car. Zero Pollution Motors aims at developing small and regional facilities that will produce the Air Car so that more people can use it and help save the environment.

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