Iacocca to Peddle Electric Bicycles

Lee Iacocca, the maverick businessman who twice pulled Chrysler Corp. back from the brink of bankruptcy, plans to return to the transportation business with a new venture to sell electric bicycles. Iacocca, who retired from Chrysler more than four years ago, is planning to form a company called EV Global Motors to sell light electric vehicles--including two-wheelers, three-wheelers and scooters--primarily in Asia. The onetime author, actor and businessman was in Taiwan and unavailable for comment, but a spokeswoman for his investment firm said he plans to make a formal announcement of the venture when he returns to the United States. The new company will be funded by Iacocca and a group of private investors.