The cost of an electric vehicle's upkeep. Electric cars don't need gas. They don't require air filters or oil changes. Driving 120 miles in a gas engine car costs at least $13.50.
The electricity needed to power an electric car 120 miles costs a paltry $2.20. Electric car buyers can also receive state and federal tax credits.
Many technology companies see potential in lithium-ion battery technology, the batteries that can give electric cars staying power. But one company, Hybrid Technologies, Inc., both builds new electric cars and converts existing vehicles to use electric motors.
Hybrid Technologies, Inc. (HYBR.OB) built one concept vehicle, the Reaper, for military use. The Reaper can handle tough terrain, reach speeds of 85 miles per hour and go 185 miles between power-ups.
Hybrid Technologies also converts the Mini Cooper, Smart Car, Toyota Yaris, PT Cruiser and Chrysler Crossfire into electric vehicles.
Hybrid Technologies removes the vehicles' original gas engine and installs an electric battery, which gives each car a 120-mile range.
Hybrid Technologies sees its sophisticated battery-management system, which uses lithium-ion batteries, as the key to its financial future. It estimates that its lithium-ion batteries will last at least 120,000 miles before they need replacement.
Hybrid Technologies offers warranties on all of its converted vehicles. If a car owner has a problem that cannot be solved over the phone, Hybrid Technologies will either send a technician to the owner's home or ship the vehicle back to its facilities.
Hybrid Technologies is attracting buzz on the marketplace. The company hopes to make an electric Mini Cooper available through Sam's Club Stores, and both NASA and the Environmental Protection Agency use technologies developed by Hybrid Technologies.
Oil now trades at over $129 a barrel. Lithium-ion technologies can only become more valuable, and Hybrid Technologies, Inc. looks like a solid contender in the green market.
Jenn Hoffman is a host of The QualityStocks Daily News Segment each day at QualityStocks.net, and she also works as an independent business consultant to select companies nationwide. Most recently, she was featured on "The Apprentice." Hoffman will be active with "The QualityStocks for Women" newsletter, geared toward investment-minded women. To sign up for the newsletter, log on to http://Signup.QualityStocks.net.