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Start-up Automaker Denied DOE Loan For Louisiana Plant

Publication Date: 3/31/2010
Format: HTML

The stunning rejection of a $321-million loan by the U.S. Dept. of Energy has start-up automaker V-Vehicle Co. weighing its next move. The loan, to come from DOE’s Advanced Technology Vehicles Manufacturing program, would have funded a $241.2-million renovation at the former Guide Corp. headlight plant in Monroe, La., and provided another $79.9 million for vehicle design and coordination with up to 30 suppliers. V-Vehicle said the loan was rejected because of questions about the company’s financial viability.

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