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Martin Leach's secret EV startup revealed: NextEV

More details have surfaced about ex-Ford executive Martin Leach and the electric-vehicle start-up he's helping to lead. The company is called NextEV, and it's based in Shanghai, Reuters says. Among the fledgling company's investors is Hillhouse Capital, which also has a stake in San Francisco-based car-hailing service Uber Technologies. NextEV is also partnered up with first season Formula E champs China Racing, and that the team will be running a NextEV drivetrain this upcoming season. Late last month, Leach confirmed to Reuters that he was working with an electric-vehicle startup which had employees in both California and China, but he didn't get into the nitty gritty. Now, the company is said to include former BMW senior designer Juho Suh and former Tesla Motors senior program director John Thomas. And although no details have been disclosed about funding levels, there are hints that it may be substantial given possible Chinese backing and an effort to develop a high-end electric vehicle for in China for the domestic market. The group is working on an electric vehicle that it says may debut as early as next year. The supercar will have more than 1,000 horsepower, and will be able to go from 0 to 100 kilometers per hour (62 miles per hour) in less than three seconds, suggesting that the company – like so many others – is looking to out-Tesla Tesla. Leach left his post as chief operating officer of Ford of Europe in 2003, even after being named man of the year by Automobile magazine. He subsequently ran Maserati, then worked last year for Hong Kong-based Hybrid Tech Holdings. That company unsuccessfully put in a bid for the assets of then-bankrupt high-end plug-in vehicle maker Fisker Automotive. News Source: ReutersImage Credit: Luca Bruno / AP Green Ford Electric Shanghai nextev martin leach

Ford CEO told Trump 1 million jobs at stake because of fuel economy regs

Bloomberg is reporting that Mark Fields, Ford's CEO, pushed President Donald Trump for market-driven national fuel economy standards, and that up to a million jobs could be at stake if those national regulations didn't take consumer expectations into account. Fields was reporting on his conversation with Trump in remarks made at the National Automobile Dealers Association in New Orleans, Bloomberg reports. The report also states that he and fellow CEOs Mary Barra of GM and Sergio Marchionne of FCA aren't seeking to eliminate fuel economy standards altogether, but rather to make them more flexible. Bloomberg reports that Fields didn't cite the studies he was referring to in support of his job loss figures, so we can't independently verify Fields' math at this time. But his push to stop selling cars consumers don't want – that is to say, more hybrids and EVs than consumer demand supports right now – is clear. We've already reported on that. To level an educated guess at what will happen next, Trump seems likely to reduce the stringent 2025 fuel economy targets, perhaps freezing them at current levels. The automakers are already invested in producing vehicles that meet current standards, and they also have to think about foreign markets like Europe that aren't likely to relax standards below current levels. If you consider economies of scale, automakers are likely to ask for federal standards that match global standards for their largest markets as closely as possible. We'll see if Trump buys Fields' math, but Ford isn't hedging its bets. Backing out of the Mexican assembly plant cost the company $200 million – not a huge sum compared to the total value of Ford, a massive company which had its second best year ever, but still an important gesture to Trump about Ford's priorities. Related Video: News Source: BloombergImage Credit: Bloomberg via Getty Images Government/Legal Green Fiat Ford GM Sergio Marchionne Mary Barra Mark Fields

Performance CNG wants to crowdfund natural gas-powered Ford Mustang

Soliciting investments to develop a street-legal compressed natural gas (CNG) powered Ford Mustang that can deliver 470 horsepower certainly wouldn't make sense on a site called Indiestopstop. Nope, Indiegogo is the more-appropriately-named site that one Michigan entrepreneur is using to try and crowdfund his CNG 'Stang. He's looking to raise $55,000. Michigan's Daryl Patrishkoff and his company Performance CNG LLC showed off their converted 2003 Mustang last year at the Woodward Dream Cruise in Royal Oak, MI in an effort to get some exposure for the car, which can run on both gas and CNG. The company and its three-man team is looking to further develop the project in the name of a fueling source that is 40 percent cheaper than gasoline, throws off as much as 30 percent fewer tailpipe greenhouse gas emissions and makes the country less dependent on foreign oil. Performance CNG estimates that just 120,000 of the world's 15 million CNG-powered vehicles are in the US and is calling for more. As for the $55 grand, Patrishkoff estimates that more than half of that amount would be committed to the Environmental Protection Agency (EPA) testing of emissions, fuel economy and horsepower. The problem? As of right now, only $150 has been raised. Check out Performance CNG's press release below and see the fundraising effort on Indiegogo here. Eco-Friendly Muscle Car? CNG vehicles save money, emit less pollution and creates jobs from American-mined fuel SHELBY TOWNSHIP, Mich., May 5, 2014 /PRNewswire/ -- Daryl Patrishkoff of Shelby Township, MI, has a vision for the American automotive industry. He firmly believes that our fuel of choice should be Compressed Natural Gas (CNG), not gasoline. Until the full CNG infrastructure is in place a Bi-Fuel vehicle, fueled by either CNG or gasoline upon the drivers command, is the bridge vehicle that can lead this transition. Patrishkoff heads up a (3) man technical team developing this technology. The advantages are: 40 percent savings in fuel costs at the pump 25-30 percent reduction in harmful emissions 100 percent US provided natural gas Meaningful employment for the US economy The most important benefit, however, is that a CNG-powered vehicle runs on fuel that can be mined in America, eliminating the need for foreign oil. "After decades of political rhetoric, these types of vehicles can truly lead the US to energy independence," he said.