The Alpha5 is fast, but can it keep up with Tesla (TSLA)?
The DeLorean Motor Co. released new images and information about its new electric vehicle, the Alpha5.
'Unapologetically Human'
The company said the gull-wing doored vehicle, whose namesake appeared in the "Back to the Future" film franchise, goes from 0 to 60mph in 2.99 seconds, has an estimated range of 300+ miles, and electronically limited top speeds of 155 mph.
"DeLorean is unapologetically human," the company said on its website. "A New Energy brand. We have a clear vision of the future, knowing it does not represent today."
The company plans to debut the Alpha5 at the Pebble Beach Concours d’Elegance on August 18. Limited production is set to begin in 2024.
"The Alpha5 is a representation of the past 40 years of DeLorean," Troy Beetz, chief marketing officer, said in a statement. "There was this enormous responsibility to make sure we honored the history of the DeLorean brand, but an even greater responsibility in curating its future...I think we did both with the Alpha5."
Bear in mind that DeLorean Motor isn't the original company of that name -- the one that was founded by John DeLorean in 1975 and shut down seven years later.
'Very Cool'
But the new company does have the rights to the original DMC name and branding.
The new company, which was incorporated at the end of November, is led by Joost de Vries, the former vice president of Chinese luxury electric vehicle brand Karma Automotive.
The Alpha5 was greeted with the usual combination cheers and snark on social media.
"The new DeLorean Alpha5 is officially my new 'one day i will have one' car," one Twitter user commented.
"I’m buying this next bull run," another person tweeted.
"Very cool," said another.
Tesla's Model X, which has what the company calls "falcon-wing doors", can go from 0 to 60mph in 2.5 seconds and estimated range of 333 miles.
Tesla sold 7,306 Model X in 2021 and 14,571 of the vehicles in January to April of this year.
'Not Competitor to Tesla'
Loren McDonald, an electric vehicle industry analyst, said DeLorean is not and will not be a competitor to Tesla —" but rather if they can secure several hundred million dollars in investment, they may compete with the likes of Karma Automotive," which is de Vries' old company, which was created from the corporate assets of Fisker Automotive after its bankruptcy.
McDonald is serving as co-emcee at the Electrify Expo on June 5, where de Vries is scheduled to speak.
Some commenters noted the similarity in the door design Alpha5 and the Model X with one person posting an image of Tesla CEO Elon Musk sitting in what looks like Marty McFly's original ride.
The image included the question "How to design Model X Doors?" along with Doc Brown's catchphrase "Great Scott!"
"$TSLA took the Gull Wing Doors from DeLorean," one commenter responded.
Gull-wing doors were pioneered by the Mercedes-Benz 300 SL, first as a race car in 1952 and then as a production sports car in 1954.
Prior to that Jean Bugatti designed butterfly doors, a precursor to the gull-wing door, for the 1939 Type 64.
Bottlenecks and Price Rises
EV sales have remained strong so far in 2022, but the International Energy Agency said that there needs to be greater effort to diversify battery manufacturing and critical mineral supplies to reduce the risks of bottlenecks and price rises.
Sales of electric cars, including fully electric and plug-in hybrids, doubled in 2021 to a new record of 6.6 million, with more now sold each week than in the whole of 2012, the group said in its Global EV Outlook report.
"Despite strains along global supply chains, sales kept rising strongly into 2022, with 2 million electric cars sold worldwide in the first quarter, up by three-quarters from the same period a year earlier," the agency said. "The number of electric cars on the world’s roads by the end of 2021 was about 16.5 million, triple the amount in 2018."
The greatest short term obstacles to continued strong EV sales are soaring prices for some critical minerals essential for battery manufacturing, the agency said, as well as supply chain disruptions caused by Russia’s attack on Ukraine and by continued Covid-19 lockdowns in some parts of China.
In the longer term, greater efforts are needed to roll out enough charging infrastructure to service the expected growth in electric car sales, the report said.
