Wheego Electric Cars Raises An Additional $1.2 Million

Wheego Electric Cars, maker of the Wheego Whip, recently announced that the company had raised an additional $1.2 million from existing investors.  The Whip is expected to be available next month as a low speed vehicle or medium speed vehicle.  Next year, after crash testing is completed, the company hopes to sell the Whip as a full speed vehicle.  Management expects to sell 1,000 of the LSV/MSV version in the first year as they build up their dealership network to 50 dealers.  The vehicle has an MSRP of $18,500 but is also eligible for federal tax credits.  Learn more:  Atlanta Business Chronicle

Comment: Selling 1,000 of these vehicles in the first year appears to be ambitious given the economy and currently lower gas prices.  ZENN recently announced a sharp decrease in sales of their LSV which has a similar price point.  In addition, interviews I’ve conducted with electric vehicle dealers for an upcoming study also indicate a poor sales environment. MC

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