Swatch CEO Nick Hayek, who is also the son of the company’s founder, revealed in an interview with a Swiss newspaper that the car they are developing will be small in size (roughly about the size of a Smart fortwo) and it is powered by a fuel cell.
The company has already built a running prototype and they are testing it throughout Switzerland and so far, the tests have been positive. Hayek mentioned that liquid hydrogen and oxygen are used as fuel, which creates an excellent combustion. However, this does not mean that the ELV2’s future is guaranteed because Hayek has not given the green light for production.
According to Hayek, it remains to be seen whether or not it would make financial sense to build the car. Nonetheless, Hayek confirmed that Swatch’s car-building division, Belenos Clean Power, is going full speed ahead with the car’s development.
If the ELV2 goes into mass production, it is still unclear whether Swatch will go through it all by themselves or will they look for an automotive partner, just like when they developed the first generation Smart car.