One interesting aspect of the crumbling automotive market is that there is unprecedented opportunity for new companies to enter the market.
One of these companies, San Diego-based V-Vehicle Company, is financially backed by billionaire T. Boone Pickens, and it has plans to take over a former General Motors plant in Louisiana.
According to Automotive News, V-Vehicle, which is employing Tom Matano, the former head of design at Mazda, plans to employ 1,400 workers at the plant in Monroe. CEO and founder Frank Varasano said production at the plant could start in about 15 months. The company plans to build fuel-efficient vehicles at the plant.
The Examiner's Take
The state of the auto industry has provided unprecedented opportunity for smaller players to enter to new-car market. Whether any of these companies will stick around for the long haul is anybody's guess, but V-Vehicle will have a good head start thanks to Picken's financial backing, Matano's industry experience, and the presence of the pre-existing plant.
Comments
Interesting news. T. Boone Pickens apparently has plenty of money left, even after sponsoring the Swiftboat ads against John Kerry during the 2004 presidential election. This seems a more constructive use of his deep pocket funds.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!