EV Restomod Mustang Builder Charge Cars Goes Out of Business
Whether it's dwindling interest in electric vehicles or that no one wanted a half-a-million-dollar Mustang with no V8, Charge Cars wasn't able to make it to its first delivery.
The Fall of Charge Cars
Charge Cars, the ambitious company behind the all-electric '67 Mustang, has ceased operations and gone into administration. Despite initial excitement and a Ford license, the company struggled to find buyers for its £350,000 ($440,000+) vehicles. The high price and failure to deliver any production units led to its downfall, marking a significant blow in the competitive EV industry.
A Promising Start
In 2022, Charge Cars introduced a stunning electric version of the 1967 Ford Mustang, boasting impressive specs and retro styling. With 536 horsepower, 1,120 pound-feet of torque, and a 0-60 mph time of 3.9 seconds, the vehicle was slated to be an electric powerhouse. The car featured a floor-mounted lithium-ion battery and a range of 200 miles.
Goodwood Debut and Design
The electric '67 Mustang made its dynamic debut at the Goodwood Festival of Speed, attracting significant attention for its blend of vintage aesthetics and contemporary tech. The model, constructed from steel and carbon fiber, featured a fully digital instrument cluster, premium sound system, redesigned suspension, new brakes, and LED lighting. Ford's licensing allowed Charge Cars to create their own shell, adding authenticity to the classic Mustang look.
Market Challenges
Despite the high performance and sleek design, Charge Cars faced significant challenges in the market. The planned 499 units, each customizable and sold through a showroom in Monaco, never saw production. The high price point, starting at nearly $450,000, proved too steep even for high-end buyers. As a result, not a single car was delivered to customers.
Economic Pressures and Personnel Impact
The financial strain forced Charge Cars to let go of its approximately 50 employees. The company's troubles were compounded by the bankruptcy of its sister company, Arrival, earlier in the year. Charge Cars' inability to produce and sell its electric Mustang ultimately led to its collapse, underscoring the harsh realities of the automotive industry, particularly for new entrants.
Hope for the Future
Despite the setbacks, Charge Cars remains optimistic about the future of its electric '67 Mustang. The company expressed hope in exploring avenues to revive the project and bring the vehicle to market. As impressive of a proposition as the Charge Cars EV Mustang was, it remains to be seen if any interest will arise in the project in the future.
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