NextEV's Formula E Fully-Electric Single-Seater

NextEV's Formula E Fully-Electric Single-Seater

Chinese electric car start-up, NextEV, has publicized plans to unveil its first vehicle prior to the end of 2016. The company, led by Martin Leach, former Ford of Europe president, announced that the NextEV Electric hypercar will debut in an undisclosed location in Europe.

Special Edition McLaren P1

Special Edition McLaren P1

The car, marketed for the super rich, is set to perform with the likes of the McLaren P1 and LaFerrari. Although the goal is for the price to be competitive to these cars, it will surely not be cheap.

However Leach assured:

“The first car is designed to attract attention and to show what we can do from a technology standpoint. But we will ultimately offer a wider range of models.”

“We want our company’s reputation for premium products to be geared to quality and customer satisfaction, not price. The world market for cars was 90 million units last year and we see opportunities across the whole market.”

The company started as a "handshake" between Martin Leach and William Li back in 2014 at the Paris Motor Show. Mr. Li being a prominent Chinese internet billionaire.

Following this, NextEV hired Padmasree Warrior, former Cisco System's technology chief, to run operations in the U.S. The company has been at work on the upcoming vehicle in Munich for two years. The final product will be built at a new location somewhere in the United Kingdom.

NextEV has shown its serious pursuits in the venture with 1,000 workers employed already in Europe, Asia, and the U.S. in six current locations. The company's goal is to up this number to 5,000 employees by the end of next year.

Within the next few years, NextEV says it could increase production to 500,000 vehicles, with a wider range of models crossing into different markets and varied price points. The company is currently remaining focused primarily in China due to mounting desirability for electric cars, further promoted by the government.

We should not that NextEV proved its potential last year, as the company took first place in Formula E's inaugural race for fully-electric single-seaters.

Source: Autocar