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Post by Logan on Jun 2, 2016 8:11:24 GMT -6
Federal officials: GreenTech's missed targets damaged company's credibilityROANOKE — Tens of thousands of electric cars were to be rolling off assembly lines by now at a Mississippi factory funded by millions of dollars in foreign money. But last year, GreenTech Automotive, the company Terry McAuliffe co-founded and described as “part of a rebirth for American manufacturing,” produced just 25 vehicles and sold none, according to federal records. A total of 75 people worked at the plant in rural Tunica County and at the company’s Virginia office — less than a fifth the number of employees the company projected in 2011. The operation lost money from 2009 to Aug. 31, 2015, the records state. A GreenTech business plan pledges better days to come, but the federal agency that decides whether the company’s foreign investors get green cards doesn’t buy it. Company projections, a federal official wrote, are “not credible by the preponderance of the evidence.” That conclusion helped prompt officials to reject an EB-5 green card application filed by a GreenTech investor from Inner Mongolia, China, according to a 34-page U.S. Citizenship and Immigration Services decision obtained by The Roanoke Times. The document provides a rare and deep look inside the struggles of the company McAuliffe left behind in December 2012 to concentrate on his successful run for governor. Read more: www.newsadvance.com/news/state/federal-officials-greentech-s-missed-targets-damaged-company-s-credibility/article_3ca44af5-1440-5fce-afe4-c514f11ec2c1.html
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