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
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV