Detroit Electric (2008–present)

Detroit Electric is a brand of battery electric vehicles that has undergone multiple revival attempts since its original incarnation ceased production in 1939. The modern entity, founded in 2008, sought to leverage the historic name of the early 20th-century electric car manufacturer to launch a new generation of electric vehicles. Despite ambitious plans, high-profile partnerships, and significant investment, the 21st-century revival has been marked by repeated production delays, strategic pivots, and changes in ownership .

History

Founding and early strategy (2008–2012)

The Detroit Electric marque was resurrected in 2008 by Albert Lam, the former Group CEO of the Lotus Engineering Group and a former executive director of Lotus Cars . The revival was initially structured as a joint venture involving China’s Youngman Automotive Group and the American electric vehicle company ZAP . Lam’s vision was to produce an affordable, practical electric car for the mass market, positioning the brand as a pioneer for the 21st century, much like its namesake was in the 1900s .

The initial business model relied on contract manufacturing and strategic partnerships to bring vehicles to market quickly without the massive capital expenditure of building its own factories . In 2009, the company announced a deal with Malaysian automaker Proton Holdings to produce an all-electric sedan based on an existing Proton model. The planned four-door car was to have a 180 km (110-mile) range and be priced between $24,000 and $26,000, targeting markets in the US, Europe, and China . However, this partnership, like several early agreements, failed to progress beyond the planning stage .

The SP.01 sports car and missed targets (2013–2016)

After several years of limited public activity, Detroit Electric made a dramatic re-re-launch in March 2013. The company announced it would establish new headquarters in Detroit’s historic Fisher Building and unveiled plans for a high-performance electric sports car, the SP.01, at the Shanghai Motor Show . This marked a significant shift away from its original mass-market sedan strategy towards a low-volume, high-price model, directly competing with vehicles like the Tesla Roadster .

The SP.01 was built on a Lotus Elise/Exige aluminum chassis and featured a carbon fiber body . It boasted impressive performance figures, including a 0-60 mph time of 3.7 seconds and a top speed of 155 mph, which the company touted as making it the “world’s fastest pure-electric production two-seater sports car” at the time .

Despite the fanfare, the SP.01 was plagued by production issues. An initial target for US sales in August 2013 was missed as the company failed to secure a manufacturing facility . Production plans shifted from Michigan to the Netherlands and finally to a facility in Royal Leamington Spa, England, where a single production unit was exported to China as a demonstrator in February 2016 . The car never reached volume production.

Chinese investment and dissolution (2017–2019)

After years of stagnation, Detroit Electric secured a massive financial injection of $1.8 billion in 2017 from the Chinese conglomerate Far East Smarter Energy . This investment was intended to finally fund the homologation and production of the SP.01 in the UK, as well as develop a family of new models . However, the company ceased making public announcements after September 2017 .

The revival attempt effectively ended in 2019, when Aston Martin disclosed that Detroit Electric had failed to make a $25 million payment for tooling and design consultation, with little prospect of recovering the funds. By this point, the once-Detroit-based company was reported to be operating as a Chinese entity .

Acquisition by EV Electra (2021–present)

On November 16, 2021, the Lebanese startup EV Electra announced it had acquired a majority stake in Detroit Electric in a deal reportedly worth $500 million . The new owner stated its intention to expand the brand’s presence across Europe and Asia and to produce several new models in the coming years .

As of late 2024, the company, headquartered at 607 Shelby Street in Detroit, remains under the ownership of EV Electra, though no new production vehicles or detailed product roadmaps have been announced under this new structure .