The previously unknown automaker who would take over a former Delphi assembly plant near Monroe, Louisiana, has been named as V-Vehicle Company, which says it plans to build a high-efficiency car designed by Mazda Miata designer Tom Matano. Few details have been released about the vehicle, which is believed to be powered by natural gas.
“What we’re doing… is trying to create a new American car company,” V-Vehicle founder Frank Varasano said in a promotional video sponsored by the Louisiana Economic Development Department.
Texas billionaire T. Boone Pickens, founder of BP Capital Management and an outspoken fan of natural gas production, is one of the company’s major investors, leading many to believe the new cars will be powered by natural gas.
“The Miata may be the iconic car of the last 20 years, but this will be the iconic car of the next 20,” Matano said.
V-Vehicle says it will add about 325,000 square feet to the Monroe assembly plant beginning later this summer. The factory is set to employ about 1,400 workers making an average of $40,000 annually, according to company documents
The company has applied for federal loans under the Advanced Technology Vehicle Manufacturing Loan Program established by Congress.
No images of the car have been released, though rumors point to it being a small, Fiat 500-esque minicar. There is no word on where the powertrain will be sourced, though the startup says it wants cars on the road within the next 18 months.
