Thanks, but no thanks.
That's what the ostensible electric-vehicles advocates at Plug In Cars are saying about GreenTech Automotive and its proposed MyCar neighborhood-electric vehicle.
With ex-Democratic National Committee chief Terry McAuliffe as its chairman, GreenTech is more notable for its political connections than automotive expertise, and, at an expected pricetag of more than $15,000, MyCar may not find an audience, Plug In Cars said.
Additionally, GreenTech, which is pitching itself as a job-builder for economically-starved Mississippi, is looking to get some of its funding from the federal government's EB-5 program, which lets overseas citizens invest $500,000 in domestic companies in exchange for quicker green-card processing, and that method is a dicey way to raise money, Plug In Cars says. The company's failure would embolden politicos who've been rallying against supporting electric-drive technology, the website says.
Earlier this month, GreenTech Automotive unveiled the MyCar, garnering some press by getting visits from former President Bill Clinton (D) and state Gov. Haley Barbour (R) for the occasion. GreenTech, which is building a 300,000-square-foot factory in addition to its 376,000-square-foot Mississippi plant, estimated that MyCar would sell for about $15,000, with a government-regulated top speed of 25 miles per hour and a single-charge range of about 115 miles.