Swatch has not actively participated in the auto industry since the smart made its debut, but the company has announced that it is currently working on an eco-friendly car dubbed the ELV2 that could enter mass production in four or five years.
The company has already built a running prototype, and it is testing it throughout its home country of Switzerland. So far, the results have been positive.
"Liquid hydrogen and oxygen are used as fuel, which creates an excellent combustion," said Hayek.
That doesn't mean that the ELV2's future is assured. Hayek has yet to give the car the green light for production.
"What remains to be seen is whether or not it would make financial sense to build this car," explained Hayek. Nevertheless, the CEO confirmed that Belenos Clean Power, Swatch's car-building arm, is going full speed ahead with the car's development.
If the ELV2 is given the green light for production, it is uncertain whether or not Swatch will go at it alone, or if it will look for a partner in the auto industry like it did when it was developing the smart car.
