V-Vehicle: DOE Decides Against Loan for Stealthy Car Startup

V-Vehicle, the stealthy auto startup backed by T. Boone Pickens and Kleiner Perkins that aims to build low-cost, highly efficient, gasoline-powered cars, announced late Wednesday that it's game over for the company's bid to secure $321.1 million in federal loans. V-Vehicle had requested funds under the Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) loan program, including $79.9 million for engineering integration and $241.2 million to set up manufacturing at an old General Motors (s GM) plant in Monroe, Louisiana. And V-Vehicle says the DOE program office has informed the company that it "will not recommend approval" of the applications.…

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