• May 2nd 2011 at 6:54PM
  • Add
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.]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Toyota Corolla
    MSRP: $16,950 - $22,955
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    Share This Photo X