2023 Chevrolet Corvette E-Ray, page-2

From the AFR story "Electric Corvette gives hope to Carbon Revolution"

Lightweight wheel maker Carbon Revolution had a glimmer of optimism as it battles investor uncertainty and a sagging share price, with its carbon fibre wheels in the spotlight on US giant General Motors’ first electrified Chevrolet Corvette sports car.Carbon Revolution, which is attempting to merge with a US group that would result in a likely listing on the Nasdaq in New York, is supplying the wheels for the new Corvette E-Ray, a hybrid vehicle which uses both an electric motor and a conventional petrol engine.The Corvette E-Ray in New York. The vehicle is a hybrid model that uses Carbon Revolution’s lightweight wheels. GM unveiled the new E-Ray vehicle overnight in the United States. The E-Ray, which borrows part of its name from the famous sports car, the Corvette Stingray, is the first Corvette model to use an electric motor in the brand’s 70-year history.The Corvette E-Ray is scheduled to go on sale late in 2023 in the US with a recommended retail price of $US104,300 ($151,000) and around $US111,300 for a convertible version. This compares with the regular Corvette Stingray which has a base price of $US64,500. GM plans to bring the E-Ray to Australia, and other right-hand-drive countries.An electric motor powers the front wheels of the Corvette E-Ray, while a conventional V8 engine provides the power for the back wheels. The E-Ray isn’t a plug-in hybrid, but gathers energy during the braking process via a “regenerative” braking system, and during normal driving. The E-Ray has a 1.9kWh lithium-ion battery pack in a section located between the seats.Carbon Revolution, based near Geelong in Victoria, has been flagged as a potentially big beneficiary from the global shift towards electric vehicles. Its carbon fibre wheels are about 40 per cent lighter than traditional aluminium rims, and are sought after by higher-end luxury car makers striving to cut down the weight of vehicles.But the large investment required in manufacturing processes and reaching higher volumes in production has put pressure on the balance sheet.Wrath of the ASXTwin Ridge Capital was revealed in late November as the US special purpose acquisition company intending to buy Carbon Revolution and list it on the Nasdaq stock exchange in the US.But investors were alarmed at the time of the announcement because Carbon Revolution said it still needed $30 million in funding as a bridge before the deal finalised in the June quarter of 2023.Carbon Revolution has incurred the wrath of the ASX over the past few weeks, attracting a second round of queries at the start of the year over where it was up to with its short-term bridge financing. The company said on January 3 it was in negotiations with some counterparties but no binding agreements had been signed.The issue price in Carbon Revolution’s public float in late 2019 was $2.60. The shares sunk to as low as 9.5¢ on December 20, and have made a small recovery to trade at 16¢ on Wednesday. That compares to the $4.60 the company traded at shortly after listing in January 2020.Carbon Revolution told the ASX on Wednesday the E-Ray was the first Corvette to use electric power, in addition to its V8 engineand formed part of an “existing five-spoke Corvette wheel program”. It also has supply contracts with companies including Ferrari and Ford.