What you’re looking at here is A) the first production Pi Mobility frame to roll off their line and B) not technically a spy shot…the owner of the company sent these images to us.  But, they’re pretty cool.  Check out the suspension mech on the fork, totally recessed into the legs.
If you have no idea what a Pi Mobility bicycle is, read our other post for details, but basically, it’s an electric motor bike with Shimano Alfine 8-speed hub and a 20mph unassisted top speed.
Click the images to enlarge, and read the other post for images of a fully built Pi.