Plug-In

The new concept car by Bright Automotive is set to be unveiled in a few days in Washington D.C.   Eschewing the design practices of traditional auto makers, the hybrid vehicle will be built with lightweight, aerodynamic engineering as its core concept. This means stearing clear of large steel purchases and focusing on reducing the size and weight of its battery back.

The plug-in car is said to have a 30 mile all-electric range and will be coupled with a small gasoline engine. CEO John Waters expects to have an annual production rate of 50,000 vehicles per year by the end of 2013.

Before realizing this goal, however, the Indiana-based startup has to overcome a significant hurdle along the way: capital raising. Waters has said that his company requires $400 million in Department of Energy Loans before June 1st in order to meet its launch goal.   Any shortfalls would have to be covered by private investors.  The recent freeze up of credit markets makes this a challenging task, and there is a likelihood that the rollout will have to be delayed.   Another sign that a setback might be inevitable is that Bright Automotive is still conducting talks with major battery suppliers around the world.

Media outlets and consumers will be anticipating more information when the concept is rolled out on the 21st.

Update:  Bright’s new hybrid, called the Idea, was unveiled in Washington DC.  Executives from Bright Automotive made speeches in front of the Senate and House, hoping to garner support for a $450 million grant that would allow the company to begin mass production by 2012.

Mr. Waters called the plug-in vehicle the first “purpose-built, highly durable 100-mile-per gallon commercial utility vehicle.”  It has 180 cubic feet of space in its interior and is capable of carrying a payload up to 1 ton.  The Bright Idea can drive up to 30 miles using its electric engine solely.