Bob Lutz’s VL Automotive Merges With GreenTech Automotive
Greentech Automotive seems to be on quite a roll of late
Hot off its agreement with Saleen to “provide efficient sport cars for the Asian market” and its tie-in with Chinese automaker JAC, US-based WM Greentech has merged with Bob Lutz’s VL Automotive, maker of the high performance Fisker Karma-based Destino.
Greentech has both a high performance WM division, of which the WM Destino will now be the flagship, while the GTA division is dedicated to developing and producing environmentally friendly, energy-efficient electric vehicles – such as the NEV MyCar; capable of a 35 mph top speed and a range of 65 miles and the upcoming GTA G2 “urban car.”
This merger will shakeup the structure and logistics of GreenTech.
WMGTA will now has its global engineering headquarters in Detroit, Michigan, while keeping its manufacturing in Tunica, Mississippi. The U.S. corporate headquarters is in McLean, Virginia.
VL Automotive was originally founded by Bob Lutz and Gilbert Villarreal (automotive engineer and industrialist, formerly also with Boeing and GM). Effective immediately Mr. Villarreal becomes the Co-President and Chief Operating Officer of WMGTA.
“This merger will enable WMGTA to ramp up production of the Destino luxury sports sedan while strengthening WMGTA’s electric vehicle division. As a newly formed corporation, WMGTA has proven its practical business strategy and sensible approach to product development. I truly believe in the production of the GTA MyCar as a practical, electric transportation solution for the masses,” Villarreal said.
Charles Wang, CEO (and now Co-President) of WMGTA said in a statement:
“Leveraging more than a half-century of combined experience in the automotive industry by its founders, VL Automotive has produced a world-class luxury sedan in record time. We see great synergies between the two companies and we are extremely excited for the merger to be complete. I believe that this merger will enable WMGTA to take a leap forward in engineering capability, product development and manufacturing standards, as well as production capacity.”
GreenTech previously signed a joint partnership late in 2013 with Chinese automaker JAC (Jianghui Automotive Company) to develop a 4-door, all-electric vehicle for the North American market.