Sway Motorsports from Shark Tank

Sway Motorsports shark tank

Sway Motorsports is a personal transportation company that produced modern trikes – a three-wheeled motorbike. These trikes had the aesthetics of a motorcycle and a scooter hybrid. To accurately express its description, it was modeled like a three-wheeled electric scooter.

Sway trikes have a top speed of 55 mph and are powered by lithium-ion batteries. Sway differs from conventional motorcycles in that the rider swings the trike to change directions rather than using the handlebars as one would on a motorcycle.

Three-wheeled miniature electric cars from Sway Motorsports turn by inclining towards the direction rather than turning the handlebars. It has the sensation of steering a skateboard thanks to its unique system. With a range of 40–60 miles and a top speed of 55–75 mph on a single charge, it is powered by rechargeable lithium batteries.

The Founder of Sway Motorsports

Joe Wilcox came up with the idea of Sway Motorsports. He was an industrial designer at NASA prior to founding Sway. Later on, Joe progressed to become a senior designer at IDEO. Then, until 2018, he was the CEO of Sway Motorsports.

City dwellers who were dissatisfied with conventional bicycles and scooters served as an inspiration for Joe’s creation of Sway. He wanted to create a car that integrated the two and was simple enough for anyone with a driver’s license to operate.

Joe has created a new, secure mode of transportation that everyone can use by combining the third wheel with the capacity to lean in the direction you want the bike to go. Doesn’t that sound fun?

Deposits for automobiles totaling $350,000 have been made to Sway Motorsports. He has between $100,000 and $200,000 invested. Plus, they have a patent for placing the battery underneath the car.

Sway Motorsports on Shark Tank

Joe entered the Tank looking for a $300,000 investment for 20% equity. Despite Wilcox’s assurances that they all thought he would succeed, the Sharks did not agree. Wilcox questioned, “So why not invest?” to which Mark Cuban responded, “Make me an offer.” Wilcox then stated his offer. Cuban accepted his $300k offer in exchange for a 20% stock stake in Sway Motorsports.

Mark hesitates for a moment before accepting Joe’s offer of $300,000 in exchange for 20%. Untypically for someone as austere as Mark, Joe and Mark closed a deal in the Shark Tank at the last minute.

Final Agreement: Mark Cuban will get $300,000 in return for a 20% share in Swat Motors.

In March 2017, Wilcox revealed that Sway Motorsports is looking for a financial partner to make the vehicles more affordable for consumers two years after the Shark Tank episode aired. Retail prices for the Sway Lithium are $7,999 and $10,999, respectively.

More than $1 million worth of pre-orders for the scooter were generated as a result of the Shark Tank publicity. To put the Sway into manufacture, Sway Motorsports partnered with Govecs, a significant producer of electric scooters in Germany. We still haven’t received it, sadly, after three years. According to Heavy, the first Sways should have been available in July 2016. A speedier prototype was to be developed in 2018, according to a report from Powersports Finance.

Our Review of Sway Motorsports

The three-wheeled design from Sway Motorsports offers significantly more stability than a typical two-wheeled motor scooter and eliminates the requirement of putting your feet on the ground when stopped, thanks to the third wheel.

A vehicle with a third wheel that offers stability and brakes is safer and more agile than a two-wheeled motorcycle. When it made its Shark Tank pitch in 2016, this one-of-a-kind vehicle became even more accessible to the general public.

The great thing about Sway is that the rider uses their feet to adjust the vehicle’s tilt. Since you don’t have to balance the vehicle, they can carry both passengers and freight, and it runs on electricity.

The Sway Motorsports trikes resemble a hybrid of a moped, a skateboard, and a three-wheeled version of skiing. The entire vehicle tilts as you rock back and forth, and you have complete control while doing so. The Sharks had never seen an electric vehicle move quite like the Sway Motorsports Bikes, which at first glance might resemble a High-Bred 3-Wheeler.

Sway Motorsports is currently available on their website for $7999 for the version with a 40-mile range and a 60 mph top speed. To complete the vehicle, they need to locate an OEM (original equipment manufacturer) for which they are in the middle of talks with various producers.

Despite being in use, the Sway Motorsports website states that Sway is currently undergoing testing. However, Wilcox stated in March 2017 that Sway Motorsports is looking for a financial partner to assist make the Sway LithiumPlus and Sway Lithium more economical for customers, two years after the Shark Tank program aired.

The product has never been produced and is not available, according to Joe, the director of advanced vehicle development. Despite Sway’s novel features and the target audience’s high level of interest in it, its distinguishing feature was that it required the user to sway in order to drive the trike. With the Sway Lithium, which costs $500 and adds up to $7,500, citizens of the United States will earn a 10% government rebate for ecologically efficient vehicles.

As a result, several potential customers made sizable deposits. However, there were a few issues with the motorcycles’ mass production. The Sway Lithium Trikes have been in the phase of development for a long time, and they were supposed to have been released not long ago, according to their website. Till date, their website makes no mention of the availability of Sway Lithiums. Nonetheless, there is information on the website about contacting dealers and getting further details about the introduction of the first batch of Sway motorcycles.

Pros of Sway Motorsports

  • Unique three-wheeled trikes
  • Easy to maneuver
  • Affordable price

Cons of Sway Motorsports

  • Not yet available

Are There Any Alternatives?

  • Nobe Cars
  • Helix Motors

Our Final Thoughts

The electric three-wheeled scooter Sway was created by Sway Motorsports. It is tilt-steer and powered by a lithium-ion battery. The moped/skateboard hybrid’s riders control it by swinging from side to side. Joe Wilcox, the creator of Sway, presented his company on Shark Tank in 2015.

The Sway MotorSports electronic trike concept appears to have been in development since at least 2011, with the first prototypes finished in 2013. One of Sway Motorsports’ initial videos highlights all the advantages of this innovative new electric bike concept.

Although the Sway still seems like a fantastic idea, the rivals are catching up. At CES in January, Yamaha’s TriTown idea, which is remarkably similar to the Sway, will be on show. A large, well-established corporation like Yamaha has a much greater chance of producing such a scooter than a startup that has had trouble raising money for years. However, you can still place an order for your trike through the company’s website.