Bulgarian Racing-car Maker Eyes IPO to Begin EV Push

Sin Cars, a Bulgarian producer of racing cars that compete in the GT4 European amateur championship series, plans to go public to finance expansion into the electric-cars market, reports Automotive News Europe. 

The automaker that contends with brands like Porsche, Aston Martin and Maserati, seeks to raise about 20 million lev ($11.7 million) in an initial public offering on the Bulgarian Stock Exchange next year, Sin Cars' owner Rosen Daskalov said in an interview at his factory in the Danube city of Russe, Bulgaria.

"Our goal is to sell a multifunctional small city car which will be used for courier deliveries, taxi services, transportation," Daskalov, 47, said. "European cities need this kind of transport. City centers will soon be closed for diesel cars. China is far away, and we can offer a better quality."

The company, which was set up five years ago, presented a full-electric model called the S1 at this year's Geneva auto show, that has a starting price of 40,000 euros ($45,400).

But traveling with EVs outside cities, even with a calculated range of 500 kilometers (311 miles) may be challenging, as there is still no reliable grid of charging stations in most European countries, according to Daskalov. Yet there is a market niche for small electric city cars "where lower speed and range allow for lower production costs," he says.

Daskalov's new L-City modifiable electric platform will be presented in Geneva next year. It will be offered in several modifications ranging from small delivery trucks to passenger cars. It will compete with similar technologies produced by companies such as Piaggio & C and Polaris Industries. With a range of 150 km (93 miles), it will have a base price of about 10,000 euros, Daskalov said.