UK-based startup RBW recently showcased its Roadster and GT models at this year’s Monterey Car Week, leaving attendees amazed. CEO Peter Swain shared that their custom-built electric vehicles (EVs) had quite the impact.
“We got four ‘wows’,” Swain said, recounting the reactions: “‘Wow, this is beautiful. Wow, look at the interior. Wow, is this really brand new?’ And finally, ‘Wow, it costs that much?’”
Priced starting at $139,000, these vehicles might seem expensive, but Swain argues that their price point is competitive compared to many EV conversions worldwide. Since his company builds these cars from scratch, he believes they offer a great value for money compared to other custom builds.
“We're not out here overcharging for handcrafted cars,” Swain emphasized.
Now, Swain and his team are embarking on a new venture to cater to the growing number of people who’ve been impressed by RBW’s creations over the years.
On Thursday, they’re launching a new company called Spirit EV. This design, testing, and production company positions itself as an "EV-as-a-service" provider, offering a craftsman’s touch. The idea is to apply the expertise they’ve gained from building RBW cars and offer it to other companies interested in creating custom electric vehicles with a classic aesthetic. Dedicated sports or classic car builders looking to develop EVs can tap Spirit for components—or, if they prefer, outsource entire designs to Spirit.
Swain mentioned that other companies have been eager to collaborate with them because of the RBW cars. “We’ve always had to say ‘no, we’re too busy bringing our own products to market,’” Swain explained, noting that it took “five years and 1,874 standard documents” to get there.
But now, Swain sees an opportunity to scale RBW’s success. "I’ve spent £18 million to reach this point—not just because we love our small sports cars, but because we understand the systems business."
While Spirit is based in the UK, they plan to expand into the U.S., with a factory set to open in Danville, Virginia, by February 2025, thanks to $6 million in funding from Mason Capital Partners.
Ryan Morris, president of Mason Capital (and chairman of RBW), noted that the push for electrification has reduced the costs of batteries, motors, and other components, making the business model more viable. With RBW’s engineering and sourcing capabilities, they believe that Spirit will need just $20 million to reach profitability.
“If you look at a car restoration shop building a dozen cars a year, and they’re buying aftermarket parts for each build, our costs will be significantly lower because we’re purchasing hundreds of components,” Morris explained.
A key distinction between Spirit’s approach and traditional classic car conversions is that the latter still require significant upkeep. Spirit aims to deliver classic-styled cars where owners don’t need to worry much about maintenance, making the vehicles more appealing to potential buyers.
“I’ve got two kids, a busy job—I don’t have time to fix my car every third time I drive it,” Morris said. "It's like how people romanticize the past by watching old movies, but if you really lived back then, you'd say, 'Oh, toilet paper was worse. Cars broke down all the time.' There are a lot of little inconveniences we take for granted."
Spirit’s classic-styled EVs will also feature modern conveniences, such as Apple CarPlay and safety enhancements.
Swain attributes RBW’s success not just to the quality of their cars, but to their recruitment of industry veterans who’ve worked on electric vehicles longer than most. Some of Spirit’s team members have developed some of the earliest and most frustrating modern EVs.
For years, automakers hesitated to fully invest in electric vehicles. When they did, many EVs were labeled “compliance cars”—built just to meet regulatory demands but ultimately falling short of consumer expectations.
Neil Heslington, who’s leading development at Spirit, worked on some of these projects, including the 2008 Smart EV for Daimler. However, while traditional manufacturers saw these efforts as "painful exercises," Heslington believes they’ve directly informed Spirit’s work.
“We learned a lot about how to bring a small project up to OEM standards on a tight budget and timeline,” Heslington explained.
Swain is confident in Spirit’s vision, but acknowledges the challenges ahead, admitting his team is venturing into uncharted territory.
“We’re in a new market—one that we’ve essentially created,” he said. “It’s very unique—brand new, classic EV cars. But where will it go? Let’s be honest, we don’t fully know. We think we do, because we have people who already want these systems, we’ve sold over 300 cars, and we have a long waiting list. So, the signs are promising. We just need to keep pushing forward.”
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