Tesla Co-Founder Trades in Sports Cars For Garbage Trucks

Ian Wright helped start Tesla Motors in 2003 and now he's on to his next venture: garbage trucks. Wright says there are 110,000 garbage trucks in the U.S. alone and at current fuel prices cost roughly $50,000 a year to fuel. Wrightspeed is aiming to slash the cost of fueling, and operating, a garbage truck in half. Wright said, ‘We make the entire power train. Everything that makes the truck go. It completely replaces the diesel engine.’ Beyond garbage, Wright’s company is also working with FedEx to replace their fuel-powered engines. As for what’s next in the vehicle space, Wright said the future of the self-driving car in the U.S. may be limited. ‘Here in the U.S. the biggest challenge for autonomous cars will be the liability issues.’ TheStreet’s Rhonda Schaffler reports from the Milken Global Conference in Los Angeles.