The small electric vehicle startup company out of Germany, e.GO Mobile, recently said the delivery of their Life no-frills electric vehicle will start this April. The company hopes by 2022 to be selling 100,000 vehicles every year.
The Life looks like a squished down version of the Kia Soul. The car will have a range of 75 to 114 miles, a top speed of 72 to 94 miles per hour, and be priced between $18,000 and $22,500. Definitely an entry-level car at an entry-level price.
To keep costs down, e.GO sources as many parts off the shelf as possible. The drivetrain comes from Bosch and the tail lights were originally made for trucks. Founder and CEO Guenther Schuh tells Bloomberg he expects his new company to have a positive cash flow beginning next year and to become profitable by 2021, something it took Tesla nearly a decade to accomplish.
Like Elon Musk, Schuh started one business and sold it at a profit within a few years. He plowed the profits from the sale back into e.GO and secured an additional €135 million from ZF Friedrichshafen. He has enlisted the aid of HSBC to secure an additional €300 million in financing so the company can begin producing 4 EV models, one of which will be an autonomous people mover to be used in shuttle bus service within defined geographic areas.
Schuh is no stranger to electric vehicles. Six years ago, the chair of production engineering at RWTH Aachen University — one of Germany’s top technical schools — developed a bare-bones electric delivery vehicle. It had no AC, no radio, and a top speed of barely 50 mph, but it was just what Deutsche Post was looking for to decarbonize its urban delivery fleet. It purchased the production rights to the little electric delivery vehicle and the name Schuh gave it — StreetScooter — in 2014.
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