The Atlanta-based company, which makes the two-seat LiFe electric vehicle, has reached an agreement for an equity infusion from a "major" investor and has sold about three-dozen of its Smart ForTwo-sized vehicles, Forbes reports, citing company chief Mike McQuary.
Wheego, which has seven employees aside from McQuary, has stayed in business as other alt-fuel vehicle makers such as Aptera and Bright Automotive have folded because the company has stayed small and only builds cars when it receives cash, either for an equity investment or car sale. Last May, McQuary told Automotive News that the company was operating "hand-to-mouth" because of cash constraints.
McQuary, speaking at the Los Angeles Auto Show in November 2010, notably called out Tesla Motors chief Elon Musk for making unaffordable electric cars (That was an interesting speech, as he also said he thought Elon Musk was "the cologne I wore in college") and took General Motors to task for what he said was the company's efforts to play up electric vehicle range anxiety in its pitches for the Chevrolet Volt extended-range plug-in). He also called Nissan-Renault chief Carlos Ghosn "probably the smartest auto executive in the industry today."
*UPDATE: Jarrod Holland, who does PR for Wheego, contacted AutoblogGreen to let us know that Wheego's EV aren't technically made in China. That is indeed where the rolling chassis are made, but they are"then shipped to California for assembly where they are outfitted with parts and technology made in North America (73 percent North American content)."