e-Zone Electric Vehicle – Click above for high-res image

South Korean automaker CT&T made a splash in three states (Hawaii, Pennsylvania and South Carolina) in 2009 when it announced that it would hire hundreds of Americans to build its quirky e-Zone low-speed electric vehicle in the U.S. Unfortunately, things have dried up a bit since then.

The South Korean electric automakers has, according to the Houston Chronicle, "abandoned its pledge to the three states – without notice – and deserted its new U.S. markets amid financial difficulties."

Not all hope is lost. CT&T United – a North American subsidiary of CT&T – is supposedly in the process of separating from its parent company and is looking to construct facilities in Hawaii and South Carolina, provided that it raises at least $250 million. James Park, vice-president of CT&T United, told the Houston Chronicle that the company is, "in very close negotiations on the final stage of funding," so perhaps the commitments can still be kept in some fashion.

Back home in South Korea, CT&T is reportedly facing "liquidity issues" and every indicator suggests that the automaker's struggles are severe.

[Source: Chron]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X