Growing Market Still Attracting New Market Entrants

Electrovaya enters vehicle arena – Electrovaya which develops lithium ion batteries announced it will be producing their own electric vehicle, a two-seater with top speed ranging from 25-45 and a range up to 120 miles. It will be called the Maya-300. The company states that the vehicle could be ready for market by later this year. The initial target market is fleets and the price point is expected to be in the $20,000 to $25,000 range with a longer term price target of under $20,000.

Philadelphia steel wholesaler Barry D. Bernsten has formed BG Automotive Group for the purpose of producing electric vehicles. Plans call form importing 4,000 cars from Asia and installing batteries and electric motors in them at a local assembly plant. The initial vehicles will be low-speed vehicles with plans to upgrade the vehicles the following year to highway-ready vehicles. The initial retail price is expected to be $16,000. Targeting urban commuters, students and vacation homeowners.

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