Home / Business and Economy / Maeving Bags £11m to Power Up Electric Motorcycle Production
Maeving Bags £11m to Power Up Electric Motorcycle Production
26 Jan
Summary
- Maeving receives £11m grant to expand UK electric motorcycle business.
- Company employs over 70 people and sells 1,600 electric motorcycles annually.
- West Midlands Mayor invests £500,000 to support regional growth plan.
An electric motorcycle company, Maeving, has announced it will receive an £11 million grant to significantly expand its operations. The funding, largely sourced from private investors, will support the company's growth in Coventry, where it currently employs over 70 individuals and produces approximately 40% of the electric motorbikes sold in the UK. Maeving sells around 1,600 units per year.
This investment includes a £500,000 contribution from the office of West Midlands Mayor Richard Parker, who views Maeving as an ideal business to support under his regional growth strategy. The company's co-founder highlighted Coventry's rich motor manufacturing heritage as a key reason for its location.
Maeving's motorbikes offer a charging time of about three hours, with weekly electricity costs estimated at approximately £1.30. The company's product range is priced between £4,995 and £8,995, attracting investment from various UK funds and notable figures in British business.
