Charge Cars, the British maker of a 1967 Ford Mustang electromod, has been revived more than six months after it collapsed.
The West Drayton-based firm has been saved by a consortium of unnamed private investors, who plan to get the ‘67 EV ready for deliveries and invest in a new state-of-the-art headquarters in Silverstone.
Charge went bust last July having not delivered a single example of the £350,000 '67, despite a sizeable order book, blaming "significant challenges”.
Its 50 or so employees, who ranged from engineers to project managers, were all understood to have been made redundant.
Although not officially confirmed, Autocar understood one of the key issues was the collapse of sibling firm Arrival months earlier, with which Charge had planned to share batteries, motors and control systems.
In a statement today, new CEO Paul Abercrombie said: “On behalf of the consortium, I am delighted to announce the acquisition of Charge Cars.
"The ‘67 establishes a new class of EV – and we will now accelerate final development at our new global HQ in Silverstone, UK, rapidly delivering this exciting luxury vehicle to customers.
“The Charge brand has huge global potential, and we look forward to revealing more details very soon.”
Charge was established in 2016 by Vadim Shagaleev, a Russian entrepreneur, and existed under the umbrella of Kinetic Group, which was part-founded by Arrival CEO Denis Sverdlov, another Russian.
Its headcount peaked at 85, and in October 2023 it was granted an official licence from Ford to use the ‘trade dress’ for the 1967 Mustang Fastback.
Trouble hit in 2024, with staff numbers reduced before the firm went into administration.
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