• May 2nd 2011 at 6:54PM
  • 8
First Wheego LiFe Delivery – Click above for high-res image

Back on Earth Day, Wheego delivered its first electric-only, $32,995 LiFe to Asma and Kevin Henry of Atlanta, GA. But, in order to continue manufacturing the highway-capable electric microcar, the Atlanta-based startup needs cash now, says Mike McQuary, chief executive officer of Wheego. McQuary told Automotive News (sub. req.) that:
My constraint is primarily capital. We'll be living hand-to-mouth as we try to get the first cars built. The next 200 will creep out as we raise money.
Wheego has enlisted the help of The Westbury Group, a venture capital firm located in Westport, CT, to raise $15 million in funds to buy parts needed to manufacture the LiFe. McQuary says that Wheego's previous capital-raising efforts were stymied because the LiFe had not yet received final approval from National Highway Transportation Safety Administration (NHTSA). That approval came in March.

Wheego's facility in Ontario, CA was supposed to crank out 200 LiFes per month in January, February and March of 2011 before ramping up to a rate that allows for the production of 60,000 vehicles a year. But, as McQuary told AN, "the question right now is how quickly we can raise money to buy parts."

[Source: Automotive News – sub. req.]

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    • 1 Second Ago
      2 Wheeled Menace
      • 4 Years Ago
      Hm, nobody is throwing down fat cash deposits on these smart fortwo Chinese clone-based electric cars? Well obviously the next logical step is to keep trying. :P
      • 4 Years Ago
      Too small, too expensive, and it can't compete with the Leaf (who has the money to buy parts). " Build a better mousetrap and the world will beat a path to your door". This isn't it! They are late, and score this a miss!
      • 4 Years Ago
      Oh no! We'll have to go to one of the other 10 companies producing an overpriced impractical ugly expensive golfcart!
      Nick From Montreal
      • 4 Years Ago
      Poor elderly couple who bought that P.O.S. The company won't survive to support it and good luck trying to resell it. Whoever convinced them that this was a good deal should be made "Salesman of the Year".
        2 Wheeled Menace
        • 4 Years Ago
        @Nick From Montreal
        No kidding. People in Portland buy cars like this from time to time. Damn... you thought Chryslers depreciated in value!! How about a $16k zap electric car for $3k 4 years later?
      • 4 Years Ago
      Dear Wheego, Please die soon. The EV industry will be better off without you. Best Regards, Everybody
      Ele Truk
      • 4 Years Ago
      It doesn't help when the government confiscates the car and destroys it
      • 4 Years Ago