REPORT: V-Vehicles waiting for DOE response, looking for future workers
V-Vehicle Co., the ambitious start-up that's received backing from T. Boone Pickens (among others), is moving forward with its plan to build a "fuel-efficient car for the U.S. market." The company has put in a request to the DOE for $250 million in low-interest Advanced Technology Vehicle Manufacturing program loans in order to re-open a facility in Monroe, Louisiana that was once a GM plant. The VVC plant would employ 1,400 people with an average salary of $40,000 once full production ramps up, something that will take many years. Earth2Tech reports that the state of Louisiana and local governments have offered VVC over $80 million worth of incentives and VVC says it has raised over $100 million from investors. Some of the local incentives are conditional on VVC being able to raise $350 million in equity or loans first. VVC expects to hear from the DOE next month.
While the company isn't taking applications right now, they do have an email sign-up list for people interested in knowing when the hiring process gets started in earnest sometime next year. VVC hopes to hire "a limited workforce of fewer than 100 people for the start-up of operations in the fall of 2010."
[Source: Earth2Tech]
Reader Comments (Page 1 of 1)
wincros 3:21PM (10/08/2009)
Wow. $250 million. "...fuel efficient car for the American market" does not promise very much. Even Corvettes and Hummers make fuel efficiency claims. A better use for the money might be to pay for the certification of existing very fuel efficient cars that could be sold in the American market. Sounds like another scam. A connection to the "make T. Boone Pickens even richer schemes does not help.
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Boyprodigy1 3:43PM (10/08/2009)
Scams don't get $80 million in tax incentives and $100 million in investors. Sounds like they've got something good going for them, and I am always for revving up manufacturing.
wincros 7:53PM (10/08/2009)
Let me rephrase. Ford, GM, Chrysler, Honda, Toyota, and Nissan all make fuel efficient cars in the US. What is special about this start up that deserves tax money? Fuel efficiency is not special. If that is the goal wouldn't the same tax money buy more jobs and fuel efficient car manufacturing from a manufacturer which is already in place? If they have a special promising technology that is different, but the article does not say that.
Richard 3:25PM (10/08/2009)
wincros, you beet me to it. I would think with all those very efficient European models that something could be appropriated for the Americas. Peugeot, Citroen, and many others have very efficient models that I think would fill the void.
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