V-Vehicle Says Car Just About Fully Designed

MONROE, La. (AP) -- Startup automaker V-Vehicle Co.'s vehicle is just about totally designed.

That's the word of the company's top assembly executive. Using a state incentive package, V-Vehicle is converting the old Guide Corp. plant in Monroe into an assembly facility.

The company is awaiting word on $250 million in loans from the U.S. Energy Department. Officials hope to know the fate of that application in November.

Horst Mertz of V-Vehicle says that although the car is still shrouded in secrecy, "it's real and pretty much 100 percent designed."

The company has said it will be fuel efficient and sell for around $10,000.

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