Carbon Revolution made waves across the automotive industry when it was announced as the supplier of the carbon fiber wheels available on the C8 Corvette Z06 and Ford Shelby GT500. Now, former GM Executive Bob Lutz is to join Carbon Revolution’s board.
According to a report from Automotive News, age is just a number to 91-year-old Bob Lutz, who is joined by a plethora of other former U.S. automotive executives. These appointments will be made effective upon completion of Carbon Revolution’s SPAC merger, which is expected to take place in October 2023. More specifically, the wheel supplier will merge with Twin Ridge Capital Acquisition Corporation.
“I have full confidence they will bring to the company a high degree of additional experience, skills and insights that will be invaluable following our U.S. listing, as we pursue new growth opportunities globally,” Carbon Revolution Board Chair James Douglas claimed in a prepared statement.
The idea behind this appointment, despite Lutz’s age, is to bring several high-profile faces to Carbon Revolution. Moving forward, the wheel supplier company is transitioning to manufacturing carbon fiber wheels for electric wheels. In fact, due to the decreased weight of these wheels, Carbon Revolution claims that EV range will get a positive bump.
To this point, General Motors claims that the carbon fiber wheels save 41 pounds of unsprung weight as compared to the Corvette Z06’s standard aluminum wheels. These weight savings serve to improve the Vette’s lap times by as much as one to two seconds over a two-minute lap, assuming all other factors are equal. As such, weight savings are a strong driving force for Carbon Revolution to expand its operations into other areas.
Despite this exciting prospect, the wheel supplier recently updated its financial forecasts to reflect lower revenues and higher expenses.