Israel Corp to invest $100m in new electric car

Israel Corp plans to invest $100m in a new electric car. They will own 33 percent of the venture, which will have a total initial investment of $200m. The face on this deal is Shai Agassi, blogger, who also has had a little job (he says sarcastically) heading SAP, the world's largest business software company. He has had a few things to say about electric cars. Here are some quotes from a speech he made:
  • "You have to know one thing. The total cost of ownership of an electric vehicle crossed under the total cost of ownership for a fuel-based car a year ago. It's really hard to notice because most people do not see total cost of ownership. But once that has happened, it's just a question of amortizations and monetization ways. To create a financial model that actually works."
  • "Our goal is to get to 100,000 cars on the road in 2010."
[Source: Globes]

Update: Shai no longer works at SAP.

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