V-Vehicle to Build Possible Electric Car in Louisiana Plant

San Diego-based firm has applied for ARRA funds, strongly suggesting that the car will be either electric or a plug-in hybrid.

Published: 18-Jun-2009

MONROE, La. - A startup automobile company plans to assemble a new fuel-efficient vehicle in Louisiana, creating 1,400 jobs, state and company officials announced Wednesday.

San Diego-based V-Vehicle Co. will take over the vacant Guide Corp. plant in Monroe, Gov. Bobby Jindal said at a news conference. The state put up an incentive package of $67 million to fund improvements and expansion of the plant, while Monroe-area local governments put up another $15 million.

Former Oracle Corp. executive Frank Varasano, who founded VVC in 2006, said the company has applied for $340 million in loans from the federal government. The loans would come from a $25 billion pool of money approved by Congress in 2007 to spur automotive technology.

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