The Chicago Transit Authority is taking its first steps toward launching a full-blown electric vehicle startup, and the plan includes leasing the first model of the vehicle, called Civic, to local taxi companies.
The company is partnering with several local taxi service companies to lease the vehicle and test its technology on the public.
The Civic will use an all-electric, all-motorcycle engine.
The CTA has been experimenting with electric vehicles in Chicago and in many other parts of the country, but this is the first time that the company has launched a full electric vehicle, according to CEO Mark DeAngelis.
“We’re going to start the journey of the first full electric car in Chicago, and we’ll be building out this company as we go,” DeAngelides told The Wall Street Journal.
“This is really the first step for us.”
He said that the vehicle will be able to drive up to 80 miles per hour on the city’s city streets, with a range of about 20 miles.
The vehicle will cost about $50,000.
The first Civic model will debut in 2018.
The launch of a full company with the CTA’s support will be an important step in the evolution of electric vehicles, according the New York Times.
DeAngelises company will be the largest electric vehicle leasing company in the country.
The Chicago Public Transit Authority has long been a leader in electric vehicles.
The agency, which is part of the Chicago Metropolitan Area Transit Authority, is the largest commuter rail system in the U.S. and one of the largest in the world, according a recent report from the New America Foundation.
The group said the CMA has invested $1.5 billion in electric buses, electric trains and battery storage systems.
The project will cost $9.2 billion and be funded by the COTA, according The New America report.
In addition to the CMTA, the agency has invested in Tesla Motors Inc., which owns a large amount of Tesla batteries.
The New American report said the Chicago Transit System’s plan to lease a new vehicle with the company’s support and support from the CTEA is part in a larger push to develop an electric vehicle fleet that can drive its riders.
The transit agency is also partnering with Ford Motor Co. and others to test the technology of the new vehicle.
The new company will help test and certify the technology and make it available to the public, the report said.
The vehicles, dubbed “Civic”, are expected to be fully electric by 2025.
The news comes at a time when the CAA is pushing ahead with plans to spend $1 billion on an electric shuttle fleet and other transportation infrastructure.
The system has been working on new technology for electric vehicles for years, but it hasn’t launched a fully electric vehicle until now, The Wall St. Journal reported last month.
The transportation agency’s plan includes a $1 million loan to the Chicago-based startup called Cicero that will lease its first vehicle to private companies.
Cicero will also be part of a program that will help the CCTA invest in electric transit.