Start-up V-Vehicle renews plant lease

by Associated Press

Published: April 20,2010

Tags: automakers, automobile industry

MONROE, La. — Startup automaker V-Vehicle Co. says it has renewed its lease for a vacant manufacturing plant in Monroe.

V-Vehicle is making a second attempt at getting a federal Energy Department loan to manufacture a fuel-efficient vehicle. It is leasing the now-vacant Guide Corp. plant that once made vehicle headlights.

The plant is owned by James Davison, a northeastern Louisiana businessman who also is an investor in V-Vehicle.

The company has revealed few details of its vehicle, citing competitive concerns.

The federal government rejected V-Vehicle’s first application for $321.1 million in loans, saying the company needed to come up with an additional $100 million of private investments and credit lines.

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