Recharged Electric Vehicle Manufacturer, Detroit Electric, Takes Root In The Heart Of Detroit

 Recharged Electric Vehicle Manufacturer, Detroit Electric, Takes Root In The
                               Heart Of Detroit

PR Newswire

DETROIT, March 19, 2013

DETROIT, March 19, 2013 /PRNewswire/ --

  oElectric vehicle company revitalizes iconic Detroit Electric brand
  oNew company headquarters in Detroit's iconic Fisher Building with
    production in Michigan, USA
  oPlans to create 180 local jobs by the end of 2013
  oLimited-edition two-seat 100% electric sports car to be launched next
    month
  oDiverse family of high-performance electric vehicles to follow
  oNew sports car showcases Detroit Electric's class-leading electric vehicle
    powertrain technologies

After an absence of over 70 years, Detroit Electric, the innovative electric
car manufacturer, has returned to the legendary Motor City, promising job
creation and a range of exciting 100% electric vehicles for the mass market.

(Photo: http://photos.prnewswire.com/prnh/20130319/DE79576 )

Heralding the rebirth of the original electric car brand, Detroit Electric has
announced the establishment of its corporate headquarters on the 18^th floor
of the iconic Fisher Building, located in downtown Detroit, with Don
Graunstadt, CEO, North America Operations at Detroit Electric, signing a
long-term lease.

A site has also been identified to assemble the first ever pure electric
sports car in Michigan, with production to start in August. The dedicated
production facility will have an annual capacity of 2,500 sports cars.
Detroit Electric aims to create over 180 sales and manufacturing-related jobs
over the next 12 months.

Following five years of relentless research and engineering development, the
first model to carry the renowned Detroit Electric logo will be a
limited-edition two-seat sports car. Certain to quicken pulses thanks to its
bold styling, outstanding performance, exhilarating handling characteristics
and impressive range, this new sports car will be launched early next month in
Detroit, ahead of a global public reveal at the Shanghai Motor Show on 20
April. The show will also provide the platform for Detroit Electric to share
an exciting announcement about a major partnership with a global carmaker.
Full details will be announced on the first press day of the show.

On sale in many of Detroit Electric's target markets by end of August 2013,
the new Detroit Electric sports car will spearhead a diverse family of
all-electric production cars, including two other high-performance models that
will enter production by end of 2014.

"We are proud to become the fourth car manufacturer born out of Detroit, and
the first to manufacture a pure electric sports car from Michigan," said Mr
Graunstadt. "We are committed to doing our part for this great revival of
Detroit through innovation, entrepreneurship and determination – what we like
to call 'Detroit 2.0'. Our investors and management team are thankful to the
State of Michigan for the help provided in allowing Detroit Electric to carry
on the legacy that began in Michigan so many years ago."

Detroit could be regarded as the home of the electric car. Early in the last
century the electric vehicle industry was flourishing in Detroit and a company
called Detroit Electric was at its very heart, innovating and selling more
electric vehicles than any other company. By 1912 there were numerous
American electric vehicle makers, with Detroit Electric both the market leader
and the most prolific, going on to make around 13,000 cars – an electric
vehicle production world record for the twentieth century. Notable customers
included Thomas Edison, Mamie Eisenhower, John D. Rockerfeller Jr. and Clara
Ford, the wife of Henry Ford.

The brand was revived in 2008 by Albert Lam,former Group CEO of the Lotus
Engineering Group and Executive Director of Lotus Cars of England, with a
vision to produce an electric vehicle that seamlessly integrates refined
aesthetics, innovative technology and superior handling and performance. 

To safeguard its sustainable growth, Detroit Electric employs an 'asset light'
business model, similar to brands such as Apple and Nike, focusing investment
on R&D and marketing. Detroit Electric's Chairman and Group CEO, Albert Lam,
brings to Detroit Electric various operational disciplines from his time
heading up technology and innovation-driven businesses in Asia, including
Apple and Sun Microsystems.

The Michigan Economic Development Corporation (MEDC) welcomed Detroit Electric
to the community. "Detroit Electric's decision to establish its new
headquarters in Detroit is great news, because it builds on Michigan's
automotive heritage and places the company in the world's automotive epicenter
with a business climate that will enable its success," said Michigan Economic
Development Corporation President and CEO Michael A. Finney. "We look forward
to Detroit Electric's continued growth in the state as it creates innovative
vehicles and new job opportunities for Michigan workers."

Albert Lam added, "I am very fortunate to be working with a group of very
talented engineers to create something really special. The sports car will
allow us to demonstrate to the world our ability to build an exciting and
innovative product. This DNA will be translated across to our future sedans;
all our cars will be fun to drive and deliver exceptional performance within
their class."

SOURCE Detroit Electric

Contact: PFPR Communications: Alex Michaelides, +44 (0) 1622 766529,
alex.michaelides@detroit-electric.com; Peter Cox, +44 (0)1622 766527, M: +44
(0)7753 859079, peter.cox@detroit-electric.com or Yvonne Malmgren,
+1-586-232-4112, M: +1-586-453-2912, yvonne.malmgren@pfpr.com