Wang: GreenTech on track for production this year
In a couple months, it will have been two years since GreenTech Automotive CEO Charles Wang showed up in Tunica and announced his plans to manufacture electric hybrid sedans and sports cars there.
Since then, GreenTech has acquired a company that built the MyCar, a neighborhood electric vehicle, and said it would build that in Horn Lake in the old Dover Elevator building, hopefully by the end of the third quarter.
We recounted all of that in a story in this week’s Mississippi Business Journal. What didn’t make the story is any comment from GreenTech, due to us not having received a response from a company spokesperson before we sent the paper to the press.
Tuesday afternoon, we got a reponse to a list of questions we submitted. Among the questions were if the MyCar production was still scheduled to start this year, if construction had started on the Tunica facility, what sort of timetable GTA had for starting production in Tunica, and for an update on the raising of private capital via the EB-5 Visa investment program. Through the EB-5 program, foreigners can acquire permanent residency status by investing a minimum of $1 million into an economic development project in the U.S., or $500,000 in a project in an economically depresseed area.
Tunica would qualify as an economically depressed area, so we’ve been operating under the assumption that EB-5 money related to its GreenTech facility would have to meet the $500,000 minimum. We’ve been unable to confirm that, though, because GreenTech has been short on details in the rare public comments it makes.
The same was true of its latest offering.
“We are making progresses in accordance with our business plan and we will have our SOP (start of production) this year,” read an emailed statement attributed to Wang. ”We have already begun construction in Tunica.”
So it sounds like the MyCar will start rolling off the lines in Horn Lake sometime this year; whether it’s by the end of the third quarter is still unclear. And Tunica? Construction has apparently started on the facility, but when production will start is a secret only GreenTech knows, and it’s not telling.