GreenTech, a small startup company with old ties to Brilliance China Automotive, recently unveiled 4 fuel efficient prototype vehicles that they hope to build at a production plant in Mississippi.
In order to begin production, GreenTech is searching for $2 billion in investments to begin construction of a plant on 1,500 acres of land in Tunica County, Miss. They plan to produce up to 250,000 vehicle per year and employ 4,500 people.
The four prototypes present several different methods of achieving fuel efficiency through advanced technology. Each prototype was built in China. According to the Associated Press, “The prototypes include a midsize four-door hybrid that will get 50 miles per gallon, a zero-emissions electric car, a high-efficiency gasoline car designed to get 65 mpg and a hybrid sports coupe designed to get 45 miles to gallon and to go from 0 to 60 mph in less than 5.9 seconds.”
The companies goal of 250,000 units is unlikely to be met. According to Larry Rinek, a consultant with major automakers on hybrids, “It’s a very uphill battle. It’s not impossible, but they have to do everything right. It’s basically the entire market.”
GreenTech CEO Xiaolin Wang said that production could begin in just three years. However, the company must first build a plant, put vehicles through crash testing, meet EPA requirements, and establish a dealer network
Wang said, “60 to 80 more of the cars will be brought to the United States for testing to meet Environmental Protection Agency regulations.”
The company has numerous hurdles to overcome before bringing a vehicle to market. Their primary concern right now is raising funds to begin the process. Initially they had planned to raise funds through a visa program by providing foreign investors with a chance to receive a visa by investing in a U.S. company which is legal under the Department of Homeland Securities EB-5 program. Total investments into GreenTech have not been disclosed at this time.
If all the pieces fall into place, the company could unveil its first production ready vehicle within the next 3 years.
Source: Forbes
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