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. The consumer audience will no doubt be anticipating more information when the concept car appears on the 21st.
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