First model of speedy, $200,000 Vector sports car rolls from line.

First model of speedy, $200,000 Vector sports car rolls from line

The first Vector Twin Turbo - a $200,000 production sports car manufactured in Wilmington by Vector Aeromotive Inc. - rolled off the production line last week, culminating a near-lifelong dream of Vector founder Gerald Wiegert, 45, and perhaps accelerating hopes for the automaker's shareholders.

The Vector is unlike any production car ever made in the United States: The two-seat, plastic-composite body Vector can go 200 miles per hour, and uses 15 quarts of oil to lubricate and cool a six-liter V-8 engine.

In contrast, a typical commuter car might use only four quarts of oil for a two-liter engine, and is unsafe to drive much past local speed limits.

Wiegert touts his car as the American-built alternative to the Ferrari Testarossa, Lamborghini Countach or the Aston Martin, European-built supercars that in recent months are commanding $200,000 or more Wiegert claimed his car is far superior on a technological level.

"The Vector is built to military or aerospace-type specifications," said Weigart last week, viewing the aluminum chassis of an embryonic Vector in his Wilmington factory. "For example, we use three oil filters for redundancy, not one [as in most autos]. Our oil and waterpipes are made out of braided stainless steel, not rubber hoses. Even the lug nuts on the wheels are aircraft lug nuts that cost $3.50 each, compared to pennies for a standard automobile lug nut."

About 80 percent of the automobile is made from parts used in the aircraft industry - such as the car's electronics - or out of aircraft-quality materials, such as high-strength aluminum and Kevlar, the superstrong plastic, said Wiegart.

In contrast, the European supercars are based on decades-old designs, said auto buffs. "The European cars are well-made and handcrafted," said Robert Harnar, Ford regional spokesman in Anaheim. "But their designs are old. That's one reason so many of the niche-car manufacturers have merged with larger companies of late - to get capital for research and development."

The Vector is no kit car: The chassis, the plastic-Kevlar body, most of the motor and the exhaust system are made in Wilmington by Vector's 32 employees. "We probably make more [higher percentage of an automobile's components] of our cars than GM makes of theirs," said Wiegert, referring to a growing Detroit tendency to subcontract for even major components. "About 65 percent of the car is made here in Wilmington."

But, of course, fabulous technology is no guarantee of winning the financial race, and Wiegert admits the road ahead for Vector will no be easy. Auto history is littered with the wrecks of would-be sportscar makers, from the Bricklin of the 1970s to the DeLorean of the 1980s. Many other local carmakers, such as "Mad Man" Muntz and the Willys Overland of the 1950s, have drifted into automotive oblivion.

Editor Jack R. Nerad of Los Angeles-based Motor Trend magazine last week said that most new automakers tend to fizzle out after a few years. "The track record is not great," said Nerad. "Most of these companies have a tendency to go out of business in a certain period of time. The [automotive industry] regulations and need for investment capital are difficult hurdles."

Nerad added that he stood ready to test the Vector against claims at any time.

But the Vector will survive for two reasons, asserted Wiegert last week:

1) The automobile sets new standards for high-speed production performance automobiles. For example, the Vector weighs 2,600 lbs. and has a motor that has generated more than 700 horsepower in tests. In contrast, the Ferrari Testarossa, perhaps considered the world's premier production sports car, weighs about two tons and has a 400-horsepower powerplant. "The Vector will easily beat a Testarossa," said Wiegert.

2) Vector Aeromotive intends to make money by selling small production runs, less than 100 cars a year, at high prices, such as $200,000 apiece and more. The Bricklin and the DeLorean, in contrast, both aimed at the mass market, and thus were shoddily built, certainly when compared to such rivals as the Ferrari.

Some observers last week said for the Vector to succeed, it will have to find a niche. "The trick is to find enough of a market for the price you have to charge for the high-performance sports car," said Harnar of Ford. "Even the Ferraris and the Aston-Martins have only survived by linking up with a major manufacturer," Harnar said, referring to recent corporate marriages between Detroit-based Ford and Jaguar PLC of Great Britain, Fiat and Ferrari, Lotus and General Motors Corp., and Lamborghini and Chrysler Corp.

In November 1988 the public bought $6 million of Vector units (a combination of stock and warrants) for 10 cents each, underwritten by the Denver-based Blinder, Robinson & Co. Inc. securities firm, the penny-stock brokerage house that has had numerous run-ins with the federal Securities and Exchange Commission and the National Association of Securities Dealers.

Vector last week reported a loss of $1.61 million on no revenues for fiscal 1989. "No revenue is recognized on the sale of vehicles until delivery is made," said a prepared company statement.

However, Vector stock traded last week in the 15 cents to 22 cents-a-unit range, evidence that not even all Blinder, Robinson penny-stocks have been duds.

Wiegert, trained at the California Art Center College of Design, said last week he can make money selling two to three Vectors a month, but can manufacture and hopes to take orders on 48 this year. "The breakeven point is about 25 to 30 Vectors a year. The goal is to build 48 units this year. The price of Vectors may increase through the year, to where it may become a $250,000 car by year-end," said Wiegert. So far there are 10 orders for the Vector.

Assuming an average price of $225,000 and 48 sold cars, Vector Aeromotive would have 1990 sales of $10.8 million.

Vector Aeromotive is seeking SEC approval to sell more stock to warrantholders, and raise additional capital within the next two months.

PHOTO : Wiegert: Vector, from drawing board to reality toward a strategy best defined by