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This Bulgarian Supercar Company Wants To Raise $12 Million For... EV City Cars?

Industry News / 5 Comments

Quite a departure from its LS7 V8-powered R1 RS.

You may or may not have heard of Sin Cars International, a Bulgarian car company that also takes part in the GT4 European amateur championship racing series. It also builds supercars like the R1 RS, a Corvette engine-powered beast with 525 hp and a top speed in excess of 200 mph. But according to a new Bloomberg report, Sin Cars is about to take a leap into a very different market – all-electric city cars. To make that happen, it also needs to raise $11.7 million in an initial public offering on the Bulgarian Stock Exchange next year.

"Our goal is to sell a multifunctional small city car which will be used for courier deliveries, taxi services, transportation," said Sin Cars owner Rosen Daskalov. "European cities need this kind of transport. City centers will soon be closed for diesel cars. China is far away, and we can offer a better quality."

Daskalov may be moving his company into environmentally friendly city cars, but he's also a race car driver at heart. Sin Cars sells around $2.3 million worth of custom-built racing cars a year to customers in the US, South America, and Australia. The move into city cars, however, will require offering a 40 percent stake "in a special multi-purpose company that will be set up to finance a production line for" the city cars. Its first all-electric car, the S1, is priced at around $45,000 and was unveiled at last year's Geneva Motor Show.

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Its new EV city car will ride on its own unique platform, called the L-City, and can also be adapted to accommodate small delivery trucks as well as passenger cars. It will have a driving range of up to 93 miles and be price at around 10,000 euros. Production of the new car is slated to kick off in 2020 with the eventual goal of building 20,000 examples a year. And yes, Sin Cars will still continue building those racing cars and supercars. Perhaps, one day, an all-electric supercar would be on its agenda.