The Virginian-Pilot
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Former gubernatorial candidate Terry McAuliffe appears to be eyeing southern Virginia as a potential location for an automotive factory to build hybrid and electric vehicles.
McAuliffe, who ran for governor of Virginia but lost the Democratic nomination to state Sen. Creigh Deeds, has signed on with a start up firm that plans to build a $1 billion plant to make "green" cars in Mississippi.
The former chairman of the Democratic National Committee has met with Gov. Timothy M. Kaine to vet his plans for a similar plant in Virginia.
"He's certainly interested in green technologies," said Gordon Hickey, Kaine's spokesman, who declined to give details of Kaine's meeting with McAuliffe, who declined to comment through a spokeswoman. McAuliffe is chairman of GreenTech Automotive Inc., which announced with fanfare in October that it planned to build a 1,500-acre automotive factory in Tunica, Miss., that would produce 150,000 vehicles a year and employ as many as 1,500 workers.
It's unclear whether GreenTech would build a plant in Virginia or Mississippi, or both. Either way, the firm has its work cut out for it, said George Hoffer, an economist at Virginia Commonwealth University.
Aside from Saturn, he said, the last automotive division successfully created by a U.S. manufacturer was Mercury in 1939. "Selling 150,000 cars from scratch is just a monumental task, with no track record at all," Hoffer said.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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GreenTech Automotive Announces Plans for Plant in Mississippi
GreenTech Automotive Announces Plans for Plant in Mississippi
In October, GreenTech Automotive Inc., a Mississippi company, announced plans to develop and manufacture automobiles on 1,500 acres in Tunica County Miss.’s Metro-Mega-site, with an option to purchase more land as needed. The initial phase of the project is estimated to cost $1 billion and provide 1,500 jobs. Theplant is expected to assemble 150,000 vehicles annually. GreenTech 's proprietary, mass producible technology will ensure that its vehicles will already meet the lower emissions and fuel consumption standards that the Obama administration has set for 2016.In addition to strategic investments, the investments made through Gulf Coast Automotive Fund (GCAF) in the project are an integrated part of GreenTech 's overall funding strategy. GCAF is an USCIS-approved regional center and professional investment firm. GCAF has committed to working withGreenTech Automotive through the EB-5 immigration investment program and supporting the hybrid car project in Tunica.
Campaign plug
If he does do this or something there of he will most likely use it as a campaign plug for his run for Governor of Virginia.
He ought to invest in "green" bath soap.
Many people feel the sudden need to shower or bathe after seeing or hearing this slime ball.
Will he EVER go away?
Apparently
Apparently you can make anything "green" by using electricity somewhere in the drive system. It's mysterious and invisible so people think its created without pollution.
Visionaries
Why isn't someone from Hampton Roads doing this?
Because we lack visionaries with strong will.
Terry is going to fail grandly or become a billionaire. Either is ok by me.
He is at least ACTING.
We don't have billionaires
We don't have billionaires with the right mindset.
Besides, if the green car company gets going and does well everything will be offshored once the money is rolling in.
In Denial
Terry obviously hasn't read, or is choosing to disregard, the recent scandal dubbed "Climategate." The leaked e-mails between prominent global warming supporting scientists sheds much light on the scam that has been pushed by the left for the better part of three decades. Like Mr. McAliffe, Obama is also behaving as if this fraud is not on the verge of imploding, continuing to make announcements that he is still Pro-Climate Change Treaty, ala Copenhagen.
These stupid hybrid vehicles are not wanted by the public, and any factory dedicated to building these rediculous machines will undoubtedly end up being financed by us, the taxpayer. Surprise.
Wait for it
How do you sell a car line nobody really wants by a company with no track record?
You get subsidies and mandates from government to reduce your costs and force the product onto the public. McAuliffe is a political being to his core, and it will only be a matter of time before he has localities offering incentives to get the plant located in their tax base, but they will exempt him from taxes. Congress will enact tax incentives for buying the car to make it competitive and will compel government agencies to use them (Buy Mericun).
In the end, McAuliffe's bottom line will depend more on taxpayers than buyers.
Don, you surprise me
Here is the essence of capitalism at work. Investors, technology, jobs, etc. and you are convinced that from day one no one wants the product.
If he gets tax exemptions for locating in certain states, that would be no different than just about every business looking to expand.
Heck, we give incentives to sports franchises, build them stadiums, and the jobs are part time hot dog vendors.
Some still believe the future belongs to coal. But I feel certain that the future belongs to those who invest in green technology. Even China sees the handwriting on the wall.
But, I've been wrong before.
All government subsidies and incentives are harmful
If McAuliffe can produce a car people want and will buy without being bribed by the government, good for him. But if he does, I will be greatly surprised.
Subsidies distort the market, diverting resources and buyers from products which would succeed on their own given an even playing field and directing them to products which are not worth their true cost.
Every such subsidy damages the overall efficiency of the economy and harms efficient businesses with desirable products to keep losers from going under. The end result is an economy dominated by connected losers.
A ruthlessly Darwinian marketplace allows the fittest to prosper and redirects resources to them by eliminating those which make poor use of those resources. Let the market do its job.