Vehicle Production Group MV-1
Less than a year ago, Vehicle Production Group seemed a success: The startup maker had built 2,500 MV-1 handicapped vans in a year, about one-quarter of them powered by natural gas. But this past April, VPG shut down due to a cash crunch that meant it couldn't make payroll. Now, its $50 million loan from the U.S. Department of Energy has been purchased by AM General for $3 million in an auction, giving AM General control of the company and its assets. AM General, better known as the company that built the HUMMER H1 as well as its military counterpart the Humvee, will continue to produce the...
VPG Shuts Down; Startup Van Maker Was Backed By DoE Loans
While Tesla Motors [NSDQ:TSLA] is on a roll--with a rave review from Consumer Reports and a profitable quarter--other startup automakers aren't faring so well. And now another small car company that received low-interest loans from the U.S. Department of Energy is in trouble and has halted...John Voelcker
Which Auto Startup Has Built 2,500 Cars Over The Last Year?
Tesla Motors gets a huge amount of media attention, and Fisker Automotive isn't far behind. Other automotive startups, including Coda Automotive and tiny Wheego Electric Cars, are less well known. But can you name the startup automaker that's built 2,500 cars since last September? Hint: It's none...John Voelcker