Renewable Gossip

Mystery Vehicle from the Bayou

A few blurry screen-grabs and sketchy details are all we have so far of this mythical creature from the Bayou.

For all they’re saying, it could be the Swamp Thing. Venture capitalists from Silicon Valley and a reformed billionaire oil man have joined forces, hired a world-renowned car designer, acquired an old automotive lamp plant in Louisiana, and gathered generous government incentives—all the while vowing to “change the automotive business in the United States.”

Details about that change have not been revealed, nor has the car that V Vehicle Company (VVC) intends to produce been unveiled—or even described beyond the most generic terms: “high quality, environmentally friendly and fuel-efficient car.” Tom Matano, designer of the Mazda Miata and VVC Director of Design, said the car could be “another icon of American industry”—a reference to the Miata. It will be powered by gasoline, not natural gas—in spite of the investment by T. Boone Pickens, ex-oilman and big-time promoter of the use of natural gas as a transportation fuel. The News-Star, a local newspaper, reported that the car’s projected retail price is $10,000, which would make it one of the least expensive cars on the market.

Respected Backers

Lead investors Kleiner Perkins Caulfield & Byers, represented by VVC Board Chairman Ray Lane, said the company was about “holistic change.” He said, “We’re thinking about, from beginning to end, how to reconstruct a car company.” When established, the plant is expected to employ about 1,400 people.

Kleiner Perkins has previously invested in next-generation auto companies, such as Fisker Automotive and Think North America. But VVC will look beyond private capital to raise necessary funds for initial production. More than $80 million in state and local incentives will come from the State of Louisiana. The company also plans to apply for $340 million in federal government loans from the $25 billion Department of Energy Advanced Technology Vehicles Manufacturing Loan Program.

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