In Ten Years, 30% of Cars Will Be Electric, Says SoftWheel Vice President

When automotives started to appear in the 19th century, electric vehicles were prevalent, but today they constitute only 1% of cars on the market, according to Tali Miller Levin, vice president of corporate development at Tel Aviv-headquartered SoftWheel Ltd.

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In a little more than ten years, 30% of cars on the road will be electric, she said Tuesday, speaking at Calcalist’s WeTechBerlin conference. The two-day event was held in collaboration with real estate company Aroundtown Property Holdings PLC, Israel’s Bank Leumi, its digital banking subsidiary LeumiTech Ltd., accounting firm KPMG, and the European investment fund Target Global.

Founded in 2011, SoftWheel develops a shock absorbing wheel that includes an in-wheel adaptive suspension system for the bicycle, automotive and wheelchair industries. The company raised around $40 million to date from investors including Mitsubishi Corporation and Japanese auto parts manufacturer Musashi Seimitsu Industry Co. Ltd.

As cars become more and more complex, SoftWheel’s technology enables auto manufacturers to relocate all of the components of the chassis into the wheel, making it possible to reduce the weight of the chassis by a third and its volume by two-thirds, Miller Levin said.