Mystern Green Car

V-Vehicle Company, which is based in San Diego, has become the latest company to join the race to develop an affordable green car for the US market, emerging from stealth mode this week with the announcement it is to open a new $248m  manufacturing plant in Louisiana.

The company said the new plant, which will be built on the site of an old GM facility, would employ about 1,400 people when production begins in about 18 months. Great for jobs very much needed in this economy!

The firm has released few details about the new car, besides the fact that it will be designed by Tom Matano, the designer of the Mazda Miata, and will represent a “holistic change” in the US auto industry.

However, previous comments from one of the company’s backers, venture capital firm Kleiner, Perkins Caufield & Byers, suggests that the aim is to develop a low-carbon vehicle aimed at a significantly lower price point than high-profile electric cars, such as Tesla Motor’s $109,000 sports car.

The exact technology has not been revealed, although there is some speculation that with energy investor T Boone Pickens having also provided funding for the company, it could be used to deliver his vision for cars powered by natural gas.

The company, which was founded by ex-Oracle executive Frank Varasano, said that in addition to backing from Kleiner and Pickens the company will receive 67 million dollars in incentives from the Louisiana government and is also seeking an injection from the Federal Government as part of its loan scheme for the auto industry.

In related news, electric car firm Coda Automotive is reportedly poised to launch a third funding round as it seeks to beat arch rival Tesla in the race to develop an all-electric sedan. Tesla is aiming to launch its Model S in early 2011, while Coda has slated an autumn 2010 launch for its sedan.

According to reports on the Venture Beat Blog, the company will formally open its third funding round next month, although a target amount is yet to be revealed. The company only emerged from stealth mode earlier this month, after raising 35 million dollars and spinning out of engineering firm Miles Electric Vehicles.