Kent Thexton’s all-time favourite car has been his Tesla. But asked which past vehicle has an emotional pull, the former OMERS Ventures managing director and ScaleUp Venture Partners general partner fondly remembers the fun of driving his old Mazda RX-7. 

Thexton is a backer and board member of EV Technology Group, which has taken a stake in the vintage auto brand Moke with plans to help fund its electric-vehicle transition. The British military buggies were revived in their internal-combustion form in 2018, but are better associated with Roger Moore-era James Bond, The Beach Boys and Brigitte Bardot.

Thexton’s enthusiasm for his Tesla, like many EV owners, lines up with a passionate belief in innovation to manage global warming, he said in an interview with The Logic. CEO Wouter Witvoet said the inspiration behind starting EV Technology Group—wanting to drive a Moke in the south of France—exemplifies how for others, driving is not just about the technology, but what you want to be seen in. 

Why it matters: As EVs go mainstream, auto companies may start to think creatively about how they market to different groups. It’s easy to see why the ethos of Tesla or the Toyota Prius would resonate with green-hearted early EV adopters like Thexton. 

But that’s not necessarily the final deciding factor for every vehicle purchaser. A 2016 J.D. Power survey indicated that interior and exterior styling were the top two reasons that caused buyers to buy or avoid certain models.

The game plan: EV Technology Group recently listed on the Neo Exchange with a pitch to electrify more brands, recreating the “visceral pleasure of driving a car that has character and personality” and reviving “sleeping beauties.” The company likens its vision to magpie magnate Bernard Arnault, who has curated brands like Louis Vuitton, Givenchy and Dior. EV Technology Group is also opening a Moke shop in France. Shares so far are lower than their debut price amid a tech-stock rout.

The takeaway: We probably haven’t seen the last of this EV redux. Volkswagen is reanimating the microbus and the Scout as EVs, BRP is rejuvenating the Can-Am motorcycle, and EV body shops are going Dr. Frankenstein on classic cars. While the Cybertruck screams “modern,” there are other brands that are cool by way of their familiarity.

“As we are all making the transition to EVs, what we’re missing is the gear shift and the noise of a car, which is often what people like—what they get used to,” Witvoet said in an interview. “It’s the joy of driving, because it’s a very active thing that you’re doing. I think that’s what we, at the moment, are getting wrong.” 

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