Charge Cars, which planned to produce a $440k electric replica of the '67 Mustang, has filed bankruptcy.

The company Charge Cars, which tried to create an electric version of the '67 Mustang, has gone bankrupt. Despite having an official license from Ford and positive press coverage, the company is going out of business.

The Charge Cars '67 is essentially an electric replica of the Ford Shelby Mustang 1967. The car was supposed to be equipped with a floor-mounted battery, a new steel body, modern interior, and a power unit generating 536 horsepower (400 kW) with 1500 Nm of torque. Ford even granted Charge Cars a license to manufacture parts on its own.

The only problem was that the company failed to find buyers for the electric '67 Mustang. It seems that Charge Cars never managed to produce a single production version of the car. Apparently, potential customers were deterred by the price set at £350,000 (over $440,000). As a result, even affluent buyers lost interest.

"Like many others in the electric vehicle industry, we recently faced serious challenges. Therefore, with deep regret, we inform you that as of May 31, 2024, Charge Cars Ltd ("Company") was placed into administration. Mark Smith and Stephen Cork from Cork Gully LLP were appointed joint administrators to manage the affairs, business, and property of the Company," the statement reads.

Charge Cars is an example of how difficult it is to succeed in the automotive industry today. The situation with the company could serve as a good lesson for other brands with similar aspirations. Although Charge Cars believes that not all is lost, and the '67 still has a future.