29 Jul '12, 12pm

GreenTech's low-speed MyCar may hurt electric vehicle momentum more than help

GreenTech's low-speed MyCar may hurt electric vehicle momentum more than help

That's what the ostensible electric-vehicles advocates at Plug In Cars are saying about GreenTech Automotive and its proposed MyCar neighborhood-electric vehicle. With ex-Democratic National Committee chief Terry McAuliffe as its chairman, GreenTech is more notable for its political connections than automotive expertise, and, at an expected pricetag of more than $15,000, MyCar may not find an audience, Plug In Cars said. Additionally, GreenTech, which is pitching itself as a job-builder for economically-starved Mississippi, is looking to get some of its funding from the federal government's EB-5 program, which lets overseas citizens invest $500,000 in domestic companies in exchange for quicker green-card processing, and that method is a dicey way to raise money, Plug In Cars says. The company's failure would embolden politicos who've been rallying against supporting electr...

Full article: http://green.autoblog.com/2012/07/29/greentechs-low-speed...

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