In 2022, Charge Cars made waves in the automotive world by unveiling their electrified reimagining of the classic 1967 Ford Mustang. The project seemed poised for success, generating significant buzz and excitement within the industry. The company showcased their creation at the prestigious Goodwood Festival of Speed, where it made its dynamic debut. The electric Mustang boasted impressive specifications, including a powerful drivetrain that produced 536 horsepower (or 544 metric horsepower) and a staggering 1,120 pound-feet (1,520 Newton meters) of torque. This formidable powertrain was integrated into an advanced all-wheel-drive system that Charge Cars dubbed "4iWD."
Charge Cars had plans to produce a limited run of just 499 examples, each customised to the specific preferences of individual customers. The company established a showroom in Monaco to cater to potential clients, a location choice that hinted at the exclusive nature of the product. Indeed, the price tag reflected this exclusivity, with the electric Mustang starting at a hefty USD 450,000.
Despite the company's bold claims of "a legend reborn," the project met an untimely demise before it could truly come to fruition. Charge Cars failed to deliver even a single completed vehicle out of the planned 499-unit production run. Reports suggest that while the company had received several orders, they were unable to complete the assembly of any cars, leaving eager customers empty-handed.
The financial troubles that plagued Charge Cars had far-reaching consequences. The company was forced to lay off its entire workforce, which comprised approximately 50 employees, according to Manufacturing Management. Adding to the company's woes, Charge Cars' sister company, Arrival, filed for bankruptcy in February, further complicating the situation.
Despite these setbacks, Charge Cars has expressed a desire to find a way to "get back on track." However, the path forward remains uncertain, and the dream of bringing an electrified classic Mustang to market seems to have stalled, at least for now. The story of Charge Cars serves as a cautionary tale in the rapidly evolving landscape of electric vehicle startups, highlighting the challenges and risks involved in bringing ambitious automotive projects to fruition.
