It seems like every day, a new startup flashes a rendering on the interwebs claiming to be the next big thing in the automotive world. Maybe it's a mid-engine supercar or an all-electric savior that's come to deliver us from dino juice. Either way, only a handful of these ever make it from dream fodder to something that actually puts rubber to the pavement. Few know that better than the crew behind New Zealand's Hulme CanAm.
The car has been the stuff of Kiwi dreams for nearly eight years now, but according to Yahoo! Xtra Sport, a recent lack of funds may force the company behind it and its investors to reconsider the future. After failing to raise $5.2 million USD through an IPO for construction of a facility to build the CanAm and development of the car, Hulme is now forced to refund what money it did accumulate. Investors will be getting checks in the mail.
So what happens to the LS7-powered exotic? At this point, apparently no one knows. Hulme had attempted to raise its capital through New Zealand investors only, so it's entirely possible that the company will begin looking outside of the island nation for a little financial help. For now though, the ambitious project appears to be in serious trouble.
[Source: Yahoo! Xtra Sport]