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updated 12/17/2012 11:21:51 AM ET 2012-12-17T16:21:51

The company behind a new electric vehicle that is a cross between a motorcycle and a conventional automobile says it wants to change how young Americans think about cars.

Lit Motors' C-1 can seat one driver and passenger in the back seat. It's two wheels are gyroscopically stabilized to prevent it from tipping over and it can drive up to 200 miles on a single charge.

"You can get to work and back for less than 50 cents a day," Lit Motors CEO Daniel Kim told The Atlantic.

Kim said he believes today's youths would rather buy an iPhone or other gadgets than a car.

"Younger people don't look forward to buying a car," says Kim. "The cost of ownership of a car is really expensive, so a lot of people are veering away from owning a vehicle, and moving towards ride-sharing services and public transportation.

Kim says the C-1 bridges the gap between a car and a motorcycle, providing the safety of a car without the high ongoing costs of ownership.

[ 10 Future Public Transportation Vehicles ]

The C-1 is still in development and the company is still seeking funding, but Kim estimates it will initially cost about $20,000, but he said he thinks the cost could go down to as low as $16,000 if it becomes popular.

The motorcycle-car hybrid is slated for release in May 2014, and more than 250 people have put down deposits to buy one, according to the company.

via The Atlantic

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