History
The Electric Vehicle Company was founded as a holding company of battery-powered electric automobile manufacturers made up of several car companies assembled by Isaac L. Rice beginning in 1897. It was taken over in 1899 by William C. Whitney and P. A. B. Widener's, thus forming the so-called "Lead Cab Trust," which hoped to develop a monopoly by placing electric cabs on the streets of major American cities.
The firm actually made and sold about two thousand electric cars (based on the Electrobat and Riker Electric cabs) as taxis to several American cities, but fell into hard times in 1900 after facing competition from gas-powered cars and legal problems stemming from monopolistic practices, as well as scandal surrounding the poor performance of its vehicles.
After the collapse of the trust, Electric Vehicle's chief asset was the holding of the Selden Patent which established a right to royalties from all manufacturers of internal combustion engine vehicles. While this was initially lucrative, it led inevitably to opposition from the other manufacturers and expensive lawsuits, which ended with bankruptcy in 1907 and the patent being overthrown in 1911.
Read more about this topic: Electric Vehicle Company
Famous quotes containing the word history:
“What would we not give for some great poem to read now, which would be in harmony with the scenery,—for if men read aright, methinks they would never read anything but poems. No history nor philosophy can supply their place.”
—Henry David Thoreau (1817–1862)
“What is most interesting and valuable in it, however, is not the materials for the history of Pontiac, or Braddock, or the Northwest, which it furnishes; not the annals of the country, but the natural facts, or perennials, which are ever without date. When out of history the truth shall be extracted, it will have shed its dates like withered leaves.”
—Henry David Thoreau (1817–1862)
“The history of all Magazines shows plainly that those which have attained celebrity were indebted for it to articles similar in natureto Berenice—although, I grant you, far superior in style and execution. I say similar in nature. You ask me in what does this nature consist? In the ludicrous heightened into the grotesque: the fearful coloured into the horrible: the witty exaggerated into the burlesque: the singular wrought out into the strange and mystical.”
—Edgar Allan Poe (1809–1849)