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The Electric Vehicle Company(1897-1907) and the Automobile Patent
The Electric Vehicle
Company(1897-1907)
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 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.
Selden Patent - Patent of the internal combustion engine 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.