GreenTech, the electric car company founded by Virginia Gov. Terry McAuliffe, is merging with a luxury car company it was announced Tuesday in a news release. McAuliffe resigned from the company in late 2012.
GreenTech Automotive Corp (GTA), a Virginia-based wholly owned subsidiary of WM GreenTech Automotive Corp. (WMGTA), announced Tuesday the recent merger of VL Automotive, an innovative luxury sports car manufacturing company based in Detroit.
VL Automotive will merge with GTA Corp, a wholly owned subsidiary of WMGTA, which also has a wholly owned subsidiary that produces electric vehicles. After the merger, WMGTA now has its global engineering headquarters in Detroit, manufacturing in Tunica, Miss., and U.S. corporate headquarters in McLean.
VL Automotive was founded by Robert A. Lutz, former chairman of General Motors, and Gilbert Villarreal, automotive engineer and industrialist. Villarreal will join WMGTA's executive team as the co-president and chief operating officer of WMGTA. Before joining WMGTA, Villarreal served various engineering leadership positions at the United States Marine Corp., the Boeing Company, and General Motors.
"This merger will enable WMGTA to ramp up production of the Destino luxury sports sedan while strengthening WMGTA's electric vehicle division," Villareal said in the news release. "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."
"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," said Charles Wang, WMGTA president and CEO. "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."
VL Automotive's luxury sedan, the Destino, will be incorporated into WMGTA's highly efficient vehicle portfolio under the brand WM Destino.
"As we welcome VL Automotive into the WMGTA group of companies, we believe our brand value for elegance, performance, and environmental responsibility is aligned with VL Automotive's pursuit for excellence," Wang said.
WM GreenTech Automotive (WMGTA) is a US-based automobile manufacturer. The WMGTA brand is divided into two divisions. The WM division manufactures and distributes energy-efficient super sports cars with internal combustion engines. The GTA division is dedicated to developing and producing environmentally friendly, energy-efficient electric vehicles. Currently the GTA brand products are being manufactured by WMGTA's wholly owned subsidiary GreenTech Automotive Inc. in Mississippi. For more information, visit www.wmgta.com.