News & Press Releases
Recent Media Coverage of Universal Electric Vehicle
 Greg and Diana Lane admit it was scary to sell the business that had provided a good life for their family for more than 15 years and risk everything on making electric cars.
But the Thousand Oaks couple has absolute faith that electric is the future of cars, and their company, Universal Electric Vehicle Corp., will succeed where other would-be electric carmakers have failed.
"We know there is a market out there," Greg Lane said. "There is a niche that needs filling, and we're going to fill it."
UEV has designed and built a prototype of a battery-powered two-seater called Electrum Spyder. The plan is to have the first consumer models available for sale early next year.
The Spyder is a bit sportier-looking than the typical boxy electric car. It comes with a removable hard-top and has a top speed of 80 miles per hour so it can handle freeway traffic. The car has a range of about 100 miles on a fully-charged battery. Charging takes two to six hours.
The Lane's business plan calls for raising $5.6 million to start production and build 208 cars the first year. Further investment of about $12 million would allow full-scale production of up to 1,500 vehicles by the third year.
That's a lot of money to raise, but the Lanes are nothing if not confident that backers will be found.
"Extremely," Greg Lane said when asked how certain he is they will find investors with deep pockets.
UEV will assemble its cars in the county, using parts made by contract manufacturers. The Lanes are looking for space in Camarillo or Ventura for an assembly plant.
In addition to the Spyder, UEV has designed a three-wheel, two-passenger car it calls Com V-3. It's designed for commuters and has a workspace and AC outlet for hooking up a computer.
The Spyder will have a sticker price of about $35,000 and the Com V-3 will sell for under $20,000.
"We think the cars will appeal to everyone from college students on up. Commuters, senior citizens, people who are environmentally aware, business fleets and governments are some of the markets we see," Diana Lane said.
The cars qualify for state and federal tax breaks worth several thousand dollars, she noted.
Electric cars have been around for awhile now, but they haven't generated the mass market buzz advocates hoped for. Ford, Toyota and other big carmakers make electric vehicles, but they don't seem committed to marketing them. General Motors announced last month it was leaving the market.
The Lanes know years of hard work are ahead of them. First, they must convince investors to put their money into UEV, and then they must convince consumers to buy them. Regardless, the Lanes are confident they can develop a viable business despite the risks.
Local business and government officials familiar with UEV think the Lanes have a shot at making a go of it.
"They already are getting some interest from European companies and the federal government possibly is interested in buying their cars," said Joe Huggins, program director with the Economic Development Collaborative-Ventura County.
Huggins has been helping the Lanes develop a business plan.
Even though the big automakers aren't enthusiastic about electric cars, Grahame Watts, senior management analyst for the city of Thousand Oaks, said the Lanes are getting into the business at the right time.
Awareness of the benefits of electric cars is rising, Watts said. He often hears from people who want information about alternative fuel vehicles and where charging stations are in Thousand Oaks. Individuals like being able to drive in the diamond lane on the freeways, and consumers and businesses both like the tax breaks and other financial incentives that come with the purchase of zero emission and low emission vehicles, Watts said.
State grants of up to $9,000 are available for the purchase or lease of zero emission vehicles, according to the California Air Resources Board.
"There is a market for electric vehicles, and it's going to be the innovative smaller companies like UEV that take advantage of the market. The big auto manufacturers are going to end up with egg on their faces," Watts said.
One of the problems that has hurt widespread acceptance of electric vehicles is too few publicly available charging stations.
UEV addressed this issue by designing a battery system that can be recharged from any standard 110-volt outlet as well as the Avcon claw type chargers found sometimes found at shopping malls, government offices and other public parking lots.
"Dual-charging makes it perfect for commuters. Just plug in and charge the batteries while you're at work," Diana Lane said.
Another unique feature is the wheelchair caddy that is an option on the Com V-3. After entering the car, the wheelchair user touches a button which activates a mechanical device that grabs the wheelchair and pulls it toward the car where the chair is folded into a special covered carrier, Greg Lane said.
Initially, UEV will concentrate on the Southern California market. The Lanes would like to get auto dealers to carry their cars, but they also plan to sell direct to individuals and businesses.
"Once people understand the benefits of electric cars they'll buy them," Greg Lane said.
-- Roger Harris is the editor of Fast Forward. Questions, comments and criticisms can be e-mailed to harris@insidevc.com. His phone number is 645-1050. For those who prefer snail-mail, the address is P.O. Box 6711, Ventura, CA 93006.
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