The name supposedly comes from the "W" for Jerry Wiegert (designer and founder of Vector) and "2" for the number of turbos. Even though this car was a prototype, the car was repainted and facelifted over time giving the impression that many were made. Between 1982 and 1987, Wiegert attempted to raise the money to start production of his car. In its lifetime, the car has covered over 100,000 miles (160,000 km) in testing, more than any other concept car. In 1989, a modified version of the W2 went in production as the Vector W8.
Currently, the Vector W2 prototype is owned by Wiegert. The car is currently dismantled, and stored alongside other Vector equipment in the current Vector headquarters in Wilmington, California.