Neighborhood EV startup GreenTech Automotive and it’s sister company, Gulf Coast Funds Management, which are the subjects of a Securities and Exchange Commission investigation into how they solicited foreign investors seeking EB-5 visas, are also at the heart of a Department of Homeland Security Inspector General’s investigation of U.S. Citizenship and Immigration Services (USCIS) Director Alejandro Mayorkas. The USCIS-IG is examining Mayrokas’ role in helping those firms secure a job-creating investor’s visa for a Chinese executive. Mayorkas has been nominated by Pres. Obama for the number two position at DHS and would be acting director until the president names Janet Napolitano’s replacement as secretary of Homeland Security. GreenTech/Gulf Coast has been the largest beneficiary of the EB-5 program since 2009, with almost 100 approved and more pending. (Read More…)
Tag: Terry McAuliffe
Electric car startup GreenTech Automotive, which set up a factory in Horn Lake, Mississippi to manufacturer their low speed neighborhood EV called MyCar, is being investigated by the U.S. Securities and Exchange Commission for the way it solicited foreign investors. GreenTech Automotive was co-founded by Virginia gubernatorial candidate Terry McAuliffe, who is a former chairman of the Democratic National Committee. McAuliffe resigned as chairman of GreenTech in late 2012 when he started his campaign. (Read More…)
Associated Press writes (via the Clarion Ledger) that a company called GreenTech will today roll out a “two-seat neighborhood electric vehicle, a cross between a golf cart and conventional car, with a 115-mile range.” It won’t do more than 35 mph, and will cost around $10,000. The “car” might be unremarkable, the guest list of today’s event is not. The party in Horn Lake, Mississippi,will be attended by a lot of formers. Former President Bill Clinton and former Mississippi Gov. Haley Barbour will attend, with former Democratic National Committee Chairman and now chairman of GreenTech, Terry McAuliffe, doing the honors. The CEO is Chinese businessman Xiaolin “Charles X” Wang. (Read More…)
Just as Automotive News [sub] failed to cite Bertel’s ahead-of-the-game reporting on Terry Mcauliffe’s GreenTech Automotive firm as the inspiration for its coverage, McAuliffe himself has decided to ignore TTAC’s leadership in order to lash out at the leading industry paper’s write-up on his highly suspect venture. In response to AN [sub]’s piece titled When you do the math, promoter extraordinaire Terry McAuliffe’s grand hybrid vehicle plan just doesn’t add up, the former Clinton fundraiser and DNC chair has written a feisty letter to the editor [sub], in which he argues
The Sept. 5 article about our efforts at GreenTech Automotive (“Real deal?”) stands in stark contrast with the Aug. 28 article in which you reported on partnerships between Toyota and Ford, Tesla, Aston Martin, Lotus and Salesforce.com (“Doing deals, Akio style”). The latter story says Toyota CEO Akio Toyoda “is breaking tradition to transform his ossified giant into a nimble competitor.”
Nimble competition is a key to success in our modern age of change and innovation. Yet you seem to take GreenTech to task for attempting just that. We aren’t trying to be GM, and we never plan on being bailed out by the U.S. government. We are embracing a different, leaner business model in which our world-class partners will play a key role in our success, and we are doing it with private capital.
Remember Bertels’ stranger-than-fiction write-up of former DNC Chair Terry McAuliffe’s Mongolian EV /Visa plant? Charles Child at Automotive News [sub] has looked at McAuliffe’s scheme and comes away less than entirely impressed, noting that
even casual scrutiny of his vision reveals overwhelming obstacles. Let’s be plain: His plan is dead on arrival.
You won’t find a zinger like that in Bertel’s piece, but only because he keeps his head down detailing the entire bizarre history of McAuliffe’s venture, its roots as the “Hybrid Kinetic Motors” visa scheme, its ties to a couple of notorious former Brilliance boys and its money-first, product-later approach. Child’s takedown isn’t as well researched (nor does it contain anecdotes about former a Ambassador driving a lawnmower into a swimming pool), but the few remaining folks out there who think the former Democrat fundraiser might be on to something big should probably read on. After all, McAuliffe has put so much hype out there, this story is something of a target-rich environment for truth-tellers.