FORM 10-Q
   
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549
   
   
   (Mark One)
   [X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
           THE SECURITIES EXCHANGE ACT OF 1934
   
           For the quarterly period ended March 31, 1998
   
                                OR
   
   [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
          THE SECURITIES EXCHANGE ACT OF 1934 for the 
          transition period from
   
                                to
   
   Commission file number 0-17303
   
   
                  VECTOR AEROMOTIVE CORPORATION
   
    (Exact name of registrant as specified in its charter)
   
   
   NEVADA                               33-0254334
   (State or other jurisdiction of   (I.R.S. Employer
   incorporation or organization)    Identification Number)
   
   
                     975 MARTIN AVENUE
             GREEN COVE SPRINGS, FLORIDA 32043
   
   (Address of principal executive offices, including Zip Code)
   
   Registrant's telephone number, including area code 
   
   (904) 529-0092
   
   
   
   <PAGE>
        Indicate by check mark whether the registrant (1) has
   filed all reports required to be filed by Section 13 or 15(d)
   of the Securities Exchange Act of 1934 during the preceding
   12 months (or for such shorter period that the registrant was
   required to file such reports), and (2) has been subject to
   such filing requirements for the past 90 days.
   
   Yes          No   X   
   
   
   
         APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
   
           PROCEEDINGS DURING THE PRECEDING FIVE YEARS: 
   
         Indicate by check mark whether the registrant has filed
   all documents and reports required to be filed by Sections
   12, 13 or 15(d) of the Securities Exchange Act of 1934
   subsequent to the distribution of securities under a plan
   confirmed by a court.
   
   Yes ______   No ______ 
   
               APPLICABLE ONLY TO CORPORATE ISSUERS:
   
        Indicate the number of shares outstanding of each of the
   issuer's classes of common stock, as of the latest
   practicable date.       
   
           Common Stock, $.01 par value per share; 
     53,639,599 shares outstanding as of February 28, 1998
               
   
   
   
   
   
   
   
   
   
   
   
   
   <PAGE>
   
                   PART 1 - FINANCIAL INFORMATION
   
   ITEM 1    FINANCIAL STATEMENTS
   <TABLE>
                     Vector Aeromotive Corporation                 
                       Condensed Balance Sheets
                             (Unaudited)
<CAPTION>
                                        March 31,        December 31,
                                             1998                1997
<S>                                      <C>             <C>
Assets
Current Assets
 Cash and cash equivalents               $         -     $          -
 Inventories                                  333,197         439,637
 Prepaid Expenses                               1,729               - 
 Accounts and other receivables               203,000               - 
  Total current assets                        537,926         439,637

Property & Equipment                          101,391         107,914
Other Assets                                    1,850           1,850
 Total assets                            $    641,167    $    549,401 

Liabilities and Stockholders' Equity
Current Liabilities
 Accounts payable                        $    653,269    $    677,905
 Accrued expenses                             183,871         213,683
 Other payables                               331,369         308,026
 Customer deposits                             50,000          25,000
  Total current liabilities                 1,218,510       1,224,614

Long term liabilities
 Loans payable to related parties           1,397,596       1,303,674
 Notes payable                                250,000         250,000
  Total long term liabilities               1,647,596       1,553,674

  Total liabilities                         2,866,106       2,778,288

Stockholders' equity
 Common stock, par value $.01 per        $    536,395    $    536,395
  share, 600,000,000 shares authorized;
  issued and outstanding: 53,639,599
  in 1998 and 53,609,387 in 1997  
 Capital in excess of par value            36,786,109      36,786,109
 Accumulated deficit                      (39,547,443)    (39,551,392)
  Total stockholders' equity               (2,224,939)     (2,228,887)

  Total liabilities and
  stockholders' equity                    $   641,167    $   549,401

  
    See accompanying notes to unaudited condensed financial statements.


<PAGE>
                     Vector Aeromotive Corporation
                  Condensed Statements of Operations
                              (Unaudited)

<CAPTION>  
                                     Three Months        Three Months
                                         Ended               Ended
                                    March 31, 1998       March 31, 1997
<S>                                  <C>                  <C>
Sales                                $   291,602          $        -
Cost of sales                            201,337                   -

 Gross profit (loss)                      90,265                   -

Costs and expenses
 Marketing                                 2,789                   -
 Race program                              2,138                   -
 Research and development                  8,757                   -
 Quality and Warranty                     10,000                   -
 General and administrative               54,690              249,543
Total costs and expenses                  78,374              249,543

Operating profit (loss)                   11,891             (249,543)

Other income (expense)
 Interest and other income                    -                    -
 Interest expense                         (7,943)              (9,352)

Net profit (loss)                    $     3,948          $  (258,895)


Net profit (loss) per share          $    (0.000)         $    (0.005)

Weighted average common shares
 outstanding                          53,639,599           53,609,387

See accompanying notes to unaudited condensed financial statements.






<PAGE>

                     Vector Aeromotive Corporation                 
              Condensed Statement of Shareholders' Equity
                              (Unaudited)

<CAPTION>
                      Common Stock   Capital in Excess     Accumulated
                    Shares     Amount   Of Par Value     Deficit     Total
<S>                <C>         <C>       <C>          <C>           <C>
Balance,
December 31, 1997  53,639,599  $536,396  $36,786,109   $(39,551,392) $(2,228,887)

Net Profit (loss)                                            3,948        3,948

Balance,
March 31, 1998     53,639,599  $536,396  $36,786,109   $(39,547,443) $(2,224,939)


    See accompanying notes to unaudited condensed financial statements.






























<PAGE>

                     Vector Aeromotive Corporation                 
                  Condensed Statements of Cash Flows
                              (Unaudited)
 
<CAPTION> 
                                          Three Months      Three Months
                                             Ended             Ended
                                           March 31, 1998    March 31, 1997
<S>                                       <C>              <C>
Cash flows from operating activities:
 Net profit (loss)                        $   3,948        $  (258,895)
 Adjustments to reconcile net profit
 (loss) to net cash used in operating
 activities
 Depreciation and amortization                6,523              4,022
(Increase) decrease in
 Accounts receivable                       (203,000)           155,000
 Inventories                                106,440                  -    
 
 Prepaid expenses and other assets           (1,729)                 - 
Increase (decrease) in
 Accounts payable                           (24,635)           (31,807)
 Accrued expenses                           (29,812)             9,600
 Other payables                              23,343              6,480 
 Customer deposits                           25,000                  - 

Net cash from operating activities          (93,922)           115,600)

Cash flows used in investing activities:
 Acquisition of property and equipment           -                   - 

Net cash used in investing activities            -                   - 

Cash flows from financing activities:
 Proceeds from issuance of common
  stock and warrants                             -                   - 
 Proceeds from exercise of warrants              -                   - 
 Repayment of loan payable to        
  Related party                                                      -  
 Loan payable American Dream Int'l          93,922             112,353

Net cash from financing activities          93,922             112,353

Net increase (decrease) in cash and 
 cash equivalents                                -              (3,247)
Cash and cash equivalents, beginning 
 of period                                       -              33,864
Cash and cash equivalents, end of
 period                                          -              30,617

    See accompanying notes to unaudited condensed financial statements 
</TABLE>
<PAGE>
   
   
                   Vector Aeromotive Corporation
                   Notes to Financial Statements
               
   1.     Basis of Presentation
   
        The accompanying unaudited condensed financial
   statements have been prepared in accordance with generally
   accepted accounting principles for interim financial
   information and with the instructions to Form 10-Q and
   Article 10 of the Regulation S-X.  Accordingly, they do not
   include all of the information and footnotes required by
   generally accepted accounting principles for complete
   financial statements and should be read in conjunction with
   Notes to Financial Statements contained in the Company's
   Annual Report on Form 10-K for the year ended December 31,
   1997.  In the opinion of management, all adjustments
   (consisting of normal recurring accruals) considered
   necessary for a fair presentation have been included.
   Operating results for the three months ended March 31, 1998
   are not necessarily indicative of the results that may be
   expected for the year ended December 31, 1998.
   
   2.     Inventories
   
        The components of inventory consist of the following:
   <TABLE>
                              March 31,           March 31,
                                  1998                1997
        <S>                 <C>                  <C>
        Raw Material        $  162,691           $ 223,666
   
        Work-in Progress       170,506              48,666
   
        Finished Goods               -             284,280
   
          Total             $  333,197           $ 556,612
   </TABLE>
   3.     Payables to Related Parties
   
        As of March 31, 1998, the Company owed a total of
   $424,123 to Automobili Lamborghini S.p.A., $568,577 to
   Automobili Lamborghini U.S.A., and $404,896 to American Dream
   International Limited.  
   
   4.     Notes Payable to Unrelated Parties
   
        As of March 31, 1998, the Company had borrowed a total
   of $250,000 uncollateralized, from an unrelated party
   accruing interest at 9%.  No principle or interest payments
   have been made.
   
   <PAGE>
   
   ITEM 2     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATION
   
   General
   
        In November, 1996, the Company ceased operations due to
   lack of funds.  At year-end 1996, the Company had cash and
   cash equivalents of $33,864 and current liabilities of
   2,902,824.  In 1997, the Company entered into, among other
   agreements, a Loan Agreement with American Dream
   International Limited, formerly known as Tradelink
   International Limited, a corporation organized in the
   Bahamas.  The loan under the Loan Agreement cash is funded on
   a discretionary basis only.  The Company's Board of Directors
   and management also changed at that time.  The operating
   philosophy currently in place at the Company is one of
   recommencing operations in a controlled manner with minimized
   operating expenses and gradually resolving the burdens of
   past due liabilities.
   
   
   Liquidity and Capital Resources
   
        At the quarter end March 31,998, the Company had cash
   and cash equivalents of $-0-, which is the same as at
   December 31, 1997; however, the Company had accounts
   receivable of $203,000, compared to $-0- at 1997 year end. 
   The Company sold two M12 automobiles, which also generated
   cash flow during the quarter of $100,000.  The sale of the
   automobiles also resulted in an additional short-term tax
   liability of $15,400.  Finally, the Company increased the
   balance of its loan from American Dream in the first quarter
   from $310,974 at 1997 year end to $404,896.
   
        The amount of Company's liabilities still exceeds its
   assets by $2,224,939.  The Company's only source of capital
   at the present time remains a loan from American Dream, which
   is provided on a discretionary basis.  There can be no
   assurance that this financing source will be sufficient to
   provide cash necessary for the Company to recommence
   production in full, to pay existing commitments such as rent
   or pay all or any significant portion of the existing
   creditors of the Company.  The Company currently has no other
   commitment from others to provide additional capital, and
   there can be no assurance that such funding will be available
   if or when needed, or if available, that its terms will be
   favorable or acceptable to the Company.  Should the Company
   be unable to obtain additional capital, when and if needed.,
   it could be forced to either curtail operations or again
   cease business activities altogether.  The lack of liquidity
   and capital resources continues to raise substantial doubt
   about the Company's ability to continue as a going concern.
   At the same time, the Company's sales of M12 automobiles and
   participation in nationally televised races offers potential
   for success for the Company's current plan of operations.
   
   
   Results of Operations
   
        The Company had revenues in the quarter ended March 30,
   1998, of $291,601.50, which resulted from the sale of two M12
   automobiles.  After expenses associated directly with the
   production of the automobiles and general operating expenses
   of $78,374, the Company had net income of $3,948.  Although
   small, the management of the Company is encouraged by the
   ability to show net income.  Management of the Company
   attributes the net income to the implementation of its
   philosophy of gradual commencement of operations while
   minimizing expenses.  There can be no assurance that
   automobiles will be sold in the future, and the results of
   operations in the first quarter 1998 should not be taken as
   the beginning of a trend in earnings.
   
   
   
   
   <PAGE>
                    PART 2 - OTHER INFORMATION
   
   
   ITEM 6    EXHIBTS AND REPORTS ON FORM 8-K
   
        Exhibit 27 attached
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
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                          SIGNATURES 
   
   Pursuant to the requirements of the Securities and Exchange
   Act of 1934, the Registrant has duly caused this report to be
   signed on its behalf by the undersigned hereunto duly
   authorized.
   
   
   
   VECTOR AEROMOTIVE CORPORATION
   
   
   By:       /s/ Enright
       T. J. Enright,
       President
   
   Date: April 22, 1998
   
   
   
   By:      /S/ Lily Beter
       Lily Beter, 
       Chief Financial Officer
   
   Date: April 22, 1998