Coach-builder Karmann has reportedly been saved from filing for bankruptcy by striking a $14 million deal with Volkswagen to produce electric-vehicles. Neither Volkswagen nor Karmann have confirmed the reports circulating the German media.
Sources close to the deal said that Karmann will be reorganized to “focus on building electric-powered cars.” The mass-produced small city electric-vehicles are expected to hit the market by 2011.
Earlier this year Karmann showed its E3 Limousine, which claims to have a range of 90 miles on a full-charge with a top speed of 85 mph. Another vehicle, an electric-van named Quicc! DiVa was set to be built by Karmann for the German market.
– By: The Daily Auto Editor