The Nation - News from Dec. 21, 1986

John Z. DeLorean said he has raised the $20 million needed to build his new automobile, a $100,000 sports car designed by a well-known West German designer. A federal jury in Detroit acquitted DeLorean last week of charges that he embezzled $8.5 million from investors in his previous enterprise, which made a stainless-steel sports car. “This is a much more modest venture,” DeLorean said. The $20 million he says is needed for the new company is less than the $27 million his previous effort earned in the first half of 1981. DeLorean declined to name the new car’s investors or designer.