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14%  
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  • Electric Car Maker Folds, Salinas (CA) Loses $500,000

    07/18/2011 3:14:37 PM PDT · by keat · 95 replies
    KSBW Channel 8 ^ | July 18, 2011 | Amy Larson
    A Salinas car manufacturing company that was expected to build environmentally friendly electric cars and create new jobs folded before almost any cars could run off the assembly line. The city of Salinas had invested more than half a million dollars in Green Vehicles, an electric car start-up company. All of that money is now gone, according to Green Vehicles President and Co-Founder Mike Ryan. The start-up company set up shop in Salinas in the summer of 2009 after the city gave Ryan a $300,000 community development grant. When the company still ran into financial trouble last year, the city...