Mississippi automaker unveils $15k MyCar electric car, gets visit from Bill Clinton

PRESS RELEASE

Former President Bill Clinton and former Mississippi Gov. Haley Barbour participate in event revealing affordable, environmentally friendly MyCar

(HORN LAKE, MISS.) – July 6, 2012 – GreenTech Automotive (GTA), a U.S.-based manufacturer of environmentally friendly, energy-efficient vehicles, today unveiled its revolutionary MyCar, a two-seat all-electric vehicle that produces zero emissions and provides a range of up to 115 miles. Former President Bill Clinton and former Mississippi Gov. Haley Barbour attended the unveiling, which also celebrated GTA's relocation to the United States, where the company expects to create 426 new manufacturing jobs and support 7,400 more.

"Too many people have given up on American manufacturing, saying manufacturing jobs are not coming back. But GTA set out to prove them wrong," said Terry McAuliffe, chairman of GreenTech. "For too long, America has been inventing products here and sending the production jobs overseas. But we're part of a rebirth for American manufacturing. We're proud to bring manufacturing jobs back and prove that the U.S. is still the world leader in technological innovation and manufacturing."

GreenTech Automotive purchased Hong Kong-based EuAuto in 2010 and relocated the company's operations and manufacturing to the United States. The move was part of the company's strategy to create jobs in the United States and have a positive impact on a local economy in need of revitalization. The company leased a shuttered factory in Horn Lake, where skilled workers are now producing vehicles during the construction of its permanent 300,000-square-foot facility in Tunica, Miss.

GTA projects it will create 426 direct jobs by 2014, and an independent analysis by Evans, Carroll & Associates Inc. found that GTA's operations would create more than 7,400 direct, indirect and induced jobs by 2014. As of July 2012, GTA had more than 840 employees enterprise-wide, and the company is on track to employ more than 900 people by the end of 2012.



"Thanks are due to Governor Barbour for being so receptive to our strategy to create manufacturing jobs in the United States," said McAuliffe. "This unlikely partnership illustrates the kind of jobs-before-politics attitude that will get America back on track by restoring manufacturing to its rightful place at the core of our economy. We're looking forward to continuing that relationship with Governor Bryant's new administration." McAuliffe previously served as the chairman of the Democratic National Committee; Barbour served as chairman of the Republican National Committee.

Affordability is a key element of GTA's strategy for product development. With an expected base price of $15,500, MyCar will be considerably less expensive than other all-electric vehicles. Future models, including the MyCar EV planned for early 2014, will also be competitively priced. GTA's commitment to affordable alternative energy solutions earned the praise of former President Bill Clinton, who attended the Mississippi unveiling.

"MyCar is just the beginning of GTA's efforts to produce a wide range of environmentally friendly, energy-efficient, affordable vehicles," said Charles Wang, CEO of GreenTech. "Many electric carmakers have tried to force electric vehicle technology into the existing transportation paradigm, which invariably results in vehicles that are environmentally friendly but prohibitively expensive. GreenTech has broken the mold by adopting the revolutionary strategy of creating an affordable electric car that will reshape how Americans think about meeting our daily transportation needs."

MyCar is an ideal solution for corporations, government entities, rental car fleets, and corporate and college campuses in addition to individual transportation use such as commuting and daily errands. MyCar is expected to evolve into other vehicle models, including a micro pick-up and delivery vehicle, beginning in 2013. GTA also plans to manufacture a larger MyCar EV beginning in 2014.

About MyCar
MyCar is a two-seat all-electric vehicle manufactured by GreenTech Automotive in Horn Lake, Miss. MyCar produces zero emissions and provides a range of up to 115 miles. It is can be recharged via a common 110 wall outlet, a 220 wall outlet or a fast charging system with re-charge times ranging between three to twelve hours depending on the charging system used. In the European Union, MyCar has a top speed of up to 45 miles per hour. In the U.S., MyCar has a top-speed of 25 miles per hour due to regulatory restrictions, classifying it as a Neighborhood Electric Vehicle (NEV). MyCar meets and exceeds all safety standards for its vehicle class.

 About GreenTech Automotive:
GreenTech Automotive (GTA) is a U.S.-based automotive manufacturer dedicated to developing and producing environmentally friendly, energy-efficient vehicles. GTA's core values encompass green technology, affordability, and U.S. job creation. GTA's first vehicle is MyCar, a two-seat electric vehicle with a range of up to 115 miles. GTA operates a 376,000-square-foot manufacturing facility in Horn Lake, Miss., and is developing a 300,000-square-foot manufacturing facility in Tunica, Miss. For more information, visit www.greentechforamerica.com or connect on Twitter @mycarwmgta.