Greentech Automotive gets a second act, wants to make MyCar in MIssissippi

Greentech Automotive was founded in 2006 by former Democratic National Committee chairman Terry McAuliffe, but you could be forgiven if you forgot about the company over the last five years. McAuliffe, who managed the unsuccessful presidential campaign of Hillary Rodham Clinton in 2008 and lost a bid for the governorship of Virginia in 2009, seemed to have put his transportation efforts on the back burner. In the meantime, Greentech – which was planned in partnership with the former CEO of Chinese automaker Brilliance – underwent a series of management changes.
Now McAuliffe is back at the helm as Greentech prepares to roll out its first vehicle. Based on a design penned by automotive impressario Giorgetto Giugiaro, the MyCar is the size of a Smart fortwo but it is an NEV, and so it is limited to a top speed of 35 mph. GreenTech plans to sell the NEV both in the U.S. and in Europe, where the market for such vehicles is more robust. A version of the myCar was previously available in Europe from the UK's NICE Car Company.

Greentech's plans don't end with the NEV market. They intend to follow the myCar with "fully NHTSA- and EPA-certified, full-speed, all-road vehicles."

Like many other electric vehicle start-up companies, GreenTech is looking to build an impressive factory: a $1 billion dollar facility near Tunica, MS. The company is also predicting hiring an impressive number of jobs, with 5,000 people to be on payroll by 2014. Trouble is, promises are easy to make, and electric cars are not.