Chip Motors plans to produce a four- or six-seat low-speed vehicle, which it is calling a “life utility vehicle, named Chip.
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The next big idea in the U.S. automotive industry may be small.
A growing number of companies, including auto giant Stellantis, are betting Americans are ready to embrace smaller, less expensive vehicles amid yearslong affordability concerns for the U.S. auto industry.
But the vehicles aren’t technically “cars.” They’re electric low-speed vehicles, or LSVs, that are essentially a step above a traditional golf cart but below a typical light-duty car or truck sold in the U.S.
“We have seen the popularity of many different form factors of electric, small low-speed vehicles continuing to grow,” Keith Simon, CEO and cofounder of Waev, which owns several LSV brands such as ex-Polaris brand GEM, told CNBC. “I think it’s evident by the number of new entrants across many different vehicle types. There’s a lot…
