There was big news out of Louisiana yesterday when new automaker V-Vehicle Co. came out of stealth mode with its announcement that it would start building high-mileage, environmentally friendly vehicles in an idled GM plant. In the hours since, we've found a bit more information about VVC and what the company needs to bring new vehicles to the American auto market.
- The company was formed in 2006 and has received financial investments from T. Boone Pickens and Al Gore as well as Kleiner, Perkins, Caufield & Byers, the venture capital firm that's also into Fisker.
- So far, VVC has received about $100 million form the VC groups and $82 million chipped in by state and local governments. Before the end, though, VVC hopes to raise between $400 and $500 million, including a $263 million federal loan it is working on with Fifth District U.S. Rep. Rodney Alexander. Other sources say VVC is looking for $340 million in loans from the federal government.
- Current speculation says that VVC's first car will be a midsize vehicle that could start production in 18 months.
[Sources: MotorTrend, AP, News Star]