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Automotive startup Green Vehicles, a Salinas, CA-based company that had planned to build electric vehicles, including the three-wheeled Triac, has run completely out of cash and will close up shop.

The city of Salinas had, over the past two years, invested more than half a million dollars in Green Vehicles. However, Green Vehicles president and co-founder Mike Ryan now says that all that money is gone. Salinas Mayor Dennis Donohue told KSBW he was "surprised and disappointed" by the closure of Green Vehicles and that city officials were put off by Ryan notifying them via email that the company had flopped. Here's a bit of the history of Green Vehicles and Triac.

Green Vehicles had promised city leaders that it would create 70 jobs and pay $700,000 in annual taxes to Salinas and that the automaker would be pumping out vehicles from inside their 80,000-square-foot facility by March of 2010, but none of those promises became truths.

KSBW reports that on July 12th, Ryan blogged to announce the closing of Green Vehicles, posting, "The truth is that not realizing the vision for this company is a huge disappointment."

Green Vehicles' mission:

To make the best clean commuter vehicles in the world. To manufacture with a radical sense of responsibility. To engage in deep transparency as an inspiration for new ways of doing business.

Mission failed.

[Source: KSBW via All Cars Electric]

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