Terry McAuliffe’s promise of one million cars annually gets scaled back to 30,000 — at least his form exceeded its quota for federal investigations?
The Washington Times reports:
The green car company co-founded by Virginia gubernatorial nominee Terry McAuliffe has fallen woefully short of its original projected job creation and production levels while becoming ensnared in two federal investigations.
But even if it had met its goals, the company’s 2009 projections called for producing nearly double the predicted worldwide demand for such electric vehicles.
In the course of pursuing investors, GreenTech Automotive Inc. projected 100,000 “subcompact” cars being built annually by 2017. According to Navigant Consulting Inc., Neighborhood Electric Vehicle sales were predicted to increase worldwide that year to 55,000. The 2011 study for Navigant was conducted by Pike Research, a market research and consulting firm that provides in-depth analysis of global clean technology markets.
Counting all classes of cars — subcompact, compact, midsize and SUV — GreenTech planned a full annual production volume of 1 million cars by 2017, according to the 2009 offering.
The investment offering was couched with disclaimers, including warnings that production of different models would depend on demand.
“Although GreenTech’s products are designed with world-class business partners implementing advanced technologies that substantially reduce emissions and fuel consumption, there however can be no assurance that market acceptance may be slow, and lower than anticipated,” the offering reads.
GreenTech now estimates producing about 30,000 vehicles per year and defends the company’s failure to meet earlier expectations…