Electric Motors Corp. (NASDAQ:EMCO) and Gulf Stream Coach are teaming to build electric pickup trucks in Indiana. The aim is to produce 50,000 battery-powered pickups by 2013 by retrofitting light-duty trucks with a plug-in serial hybrid electric powertrain. Gulf Stream chief information officer Mark Smith told
pickuptrucks.com the companies will acquire pickups such as the Chevrolet Silverado and the Ford F-150 and then "pull the engine and install the hybrid electric engine."
The companies plan to invest $80 million in what they say will be the first facility to mass produce light-duty battery-powered pickups. The venture is getting
an assist from the state of Indiana, which is providing $4.6 million in tax credits and up to $200,000 in training grants. EMC is also seeking funding through the U.S. Department of Energy.
EMC has had a busy month. The California firm became
a public company on May 5, when it was acquired by the holding company Optimax Industries Inc. In announcing the deal, EMC chief executive Wil Cashen noted that the public platform will help attract a broader investor base. "Investor interest in green energy in general and electrification of automobiles in specific has never been higher."
There's been plenty of investment activity of late to back that statement up. In the past few months, we've seen
General Electric Co. (NYSE:GE), Johnson Controls Inc. (NYSE:JCI), LG Chem Ltd., A123Systems Inc. and a range of other companies
increasing their bets on the hybrid vehicle market.
- Suzanne Stevens
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