DETROIT (TheStreet) -- Ford (F), Chrysler, Toyota (TM) and General Motors might soon face increased competition from electric carmakers, whose custom cars offer more power and better performance than gas-powered vehicles.
Even worse for traditional automakers, these new electric muscle cars will be street legal and affordable for even people with average-car salaries.
The star here is Santee, Calif.-based SSI Racing. The two-person firm, with less than $250,000 in sales last year, was founded by software engineer and car nut Michael Kaide. His move to electric cars started in 2006, when he wanted a vehicle he could use for weekend drag races and his daily commute to work.Kaide spent a year building himself his dream car: a Type 65 racer, which looks a lot like the Shelby classic racer and drives like one too. It can go from zero to 60 mph in as few as 2.9 seconds with 800 horsepower. It's racetrack fast, but street legal. Kaide, who's attending the North American International Auto Show in Detroit this week, is getting ready to make 10 of these super-fast racers for real consumers. The SSI will cost $120,000 to start, which is about average for electric cars. The car, which might hit the market next year, will be able to ride in California's exclusive HOV lanes with just one passenger. San Jose, Calif.-based Saba Motors is gearing its equally small car toward consumers who can't afford a $120,000 car. Chief Executive Simon Saba wants his pocket rocket to be the model of affordability and fun.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV