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Tesla’s new competitor – and they are bankrupt!

In the midst of a crisis, insolvent car-builder Karmann is building several prototypes of an electric vehicle, reported the German newspaper Welt am Sonntag according to Manager-Magazin yesterday. The E3 will have a reach of 150 kilometers (93 miles) and a maximum speed of 140 km/hour (87 miles/hour), making it attractive not only for the city but also for commuters. The sport limousine will differ from other developer’s models – like the US-born Tesla Roadster and the Chinese BYD – in that its battery is not located in the interior compartment but in the undercarriage, according to the magazine. Karmann will be producing up to six prototypes for local energy provider EWE. The car will be presented at Hannover Messe at the end of April.

Only last week, Karmann filed for insolvency proceedings, saying that the automotive crisis and restructuring plan obligations led to the threat of insolvency. The insolvency proceedings provide an opportunity for a controlled restructuring process, and Karmann will continue to build the E3 for EWE. While Karmann will be building four to six of the prototypes for testing purposes only, a series production is not planned yet.

Karmann has a long tradition of building cars and is particularly well-known for its convertible top systems and the Ghia. For over 100 years, the full-service-vehicle-supplier has provided the international automotive industry with knowledge and innovation from individual modules to complete vehicles. Karmann has its own testing facilities and logistics services and employs about 8,000 people worldwide.

[Photo Credits: Karmann]