BUSINESS BRIEFING / AUTOS
TIMES WIRE REPORTS
A start-up automobile company plans to assemble a new fuel-efficient car in Louisiana and employ an estimated 1,400 people once production starts, state and company officials announced.
San Diego-based V-Vehicle Co. will take over a vacant plant in Monroe, Gov. Bobby Jindal said.
Former Oracle Corp. executive Frank Varasano, who founded V-Vehicle in 2006, said the company has applied for $340 million in loans from the federal government. Company Vice President Horst Metz said production would begin in about 18 months.
