KVE Motors’ original iteration was founded in 1960 by a young Floridian that had relocated to a small town in the Gulf Coast of Texas. His intention was to create a small sports/GT car inspired by the great European makes of the time, but with a distinctly American flavor with V-8 power.
After setting up shop in 1961, KVE set to work on its first project, dubbed Artemis. Its platform was a thoroughly orthodox body-on-frame design, with a MacPherson strut front suspension, with the rear wheels supported by a solid rear axle and leaf springs. The transmission was a wide-ratio 3-speed manual; not exactly hot stuff when 4-speeds were common. However, it also sported 4-wheel disc brakes, which was a rarity at the time. The body was penned by an American, though inspired strongly by the small British sports/GT cars of the time, with a distinctive fastback profile. It was beautifully crafted in aluminum, with its panels hand-beaten into shape. The interior was well-appointed for its day, if not exactly luxurious. By 1963, the prototype had been built, and would be ready for testing save for one detail: the car had no engine.
KVE had no engineering or production capabilities to build its own V-8, so it sought the assistance of larger, more-established American automakers. Rejected by General Motors, Ford, Chrysler, and American Motors, KVE found a willing donor in Studebaker, which was in dire straits at the time. A deal was struck in late 1963, in which several 289ci V-8s would be built for the small Texas company. On May 17, 1964, the first of the 289 V-8s (moderately massaged in-house by KVE and fitted with a 4-barrel carburetor instead of the factory 2-barrel unit, resulting in a bump in horsepower from 225 to approximately 240) would be mated to the Artemis prototype, which had languished in storage without an engine for nearly a year. Now with a complete automobile, KVE put the new car, now dubbed the Artemis 4700GT, thoroughly through its paces…
…and the resulting car was a mixed bag, to say the least. The 4700GT handled rather well despite its rudimentary suspension, and was capable of cruising smoothly at 130 miles per hour until the fuel tank was empty. The 4700GT also proved to be able to hold its own in a straight line against many other sports/GT cars of the time. Despite being hobbled somewhat by skinny, bias-ply tires, considerable wheelhop and a less-than-sporting wide-ratio 3-speed manual, the '64 Artemis could manage a very respectable 6.9 second 0-60 time and ran through the 1/4-mile traps in a relatively quick 15.3 seconds. Top speed was 135 miles per hour. Although not slow by any means, the 4700GT would simply be outmatched by many full-size big-block coupes and sedans at most drag strips and street lights, to say nothing of the lighter, intermediate-sized ‘muscle cars’ and even smaller compact-based ‘pony cars’ coming into vogue at the time. A contemporary Corvette or Cobra would obliterate it in nearly every respect.
Most distressing were the brakes, which took the 4700GT 186 feet to stop from 60 miles per hour despite being blessed with a thoroughly modern 4-wheel disc braking system. Also, the price of the car, nearly double that of a contemporary Ford Mustang, would surely hamper sales. Furthermore, the styling was considered by many a love-or-hate proposition. Despite these flaws, in desperation for cash, KVE put the Artemis 4700GT in production. Although praised for its high-speed poise and commendable balance between ride and handling, decent acceleration, as well as its high build quality, the automotive press was torn by the car’s aesthetics, and thoroughly panned its horrendous braking ability. Many reviewers also lambasted the car’s exhaust note; due to a combination of haste and engineering considerations, the V-8’s exhaust exited out of a single tailpipe with a rather uninspiring note. Also ridiculed was the $5100 MSRP.
All of these factors would conspire the 1964-1965 production of the Artemis 4700GT to be only 36 cars. For 1966, KVE would need to step up its game considerably, lest it end up a footnote in American automotive history…