The credit crunch is not only playing havoc with plans at Tesla and other green (or not) car companies. Indeed, the effects of the financial crises are global and so it comes as little surprise that Optimal Energy, the South African company that recently showed off it's all-electric Joule at the Paris Motor Show, is now saying that they expect their car to take a little longer to bring into existence than first suggested. The companys need about $130 million to build an assembly plant and that kind of investment capitol is a little harder to come by than it was even a few months ago.

The CEO of the private company, Kobus Meiring, is optimistic sounding about the future though. He says that although the timing of their launch with the collapse of the market was unfortunate, he feels his company has the kind of value a savvy investor should be attracted to. In his words, "In a sense the market is good and bad. Its bad because a lot of the discretionary part of funds have disappeared and funds have to regroup, but its good ... if you are looking for a real-value proposition. From that point of view we will attract investors," He says they will need to eventually produce 20,000 cars a year to be viable and expects 80 per cent of that production to be shipped overseas. He wants to be in full-volume production by 2015 and has €25,000 ($32,235) as a target for the price tag for the six-seater.

[Source: Guardian]

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