Bright Automotive announced an earlier-than-anticipated reveal date for its plug-in hybrid vehicle, IDEA.
The Indiana-based automotive company will unveil the prototype light-duty vehicle, which includes pickup trucks, SUVs, and sedans, on Capitol Hill in Washington, DC, on April 21 instead of at the Norway's Electric Vehicle Symposium in May.
No explanation for this change was given, but the press release states, "Members of Congress and companies involved with Bright Automotive will take part in a briefing on the IDEA and a public event."
Little is known about the IDEA, but the start-up's CEO, John Waters,.
The company has disclosed that the PHEV will have an all-electric range of 30 miles and a full range of 400 miles, with an expected 100 mpg. They were able to achieve these numbers by designing the vehicle from the ground up using lightweight materials, aerodynamic shapes, low-resistance tires, and highly efficient battery and power train systems. The vehicle's light weight enables the company to use a smaller battery to make the car more affordable than other electric and plug-in vehicles coming to market.
Bright expects to begin selling the vehicle in the fourth quarter of 2012 in the United States, with global markets to follow. Production is expected to reach 50,000 units by end of 2013.
But the plan hinges on the company's ability to secure $400 million in Department of Energy loans or raise capital from private equity markets ($400 million over three years) before June 1, according to an article in Salon.com.