Iacocca To Peddle 50,000 Electric Bikes A Year

What weighs 60 to 70 pounds, goes 20 miles-an-hour and will cost $995? An electric bicycle from Lee Iacocca. The consumate Detroit huckster who brought America the Ford Mustang and Chrysler K-car, Iacocca returned to his former home on Tuesday and announced plans to sell 50,000 electrically powered bicycles a year starting late this summer. Iacocca and his EV Global Motors Co. also unveiled an alliance with Energy Conversion Devices Inc., a Troy, Mich.-based advanced battery company now headed by former General Motors Corp. Chairman Robert Stempel.