Wednesday, May 8, 2013
VPG Ceases Operations - No More MV-1?
Reports are surfacing that VPG Autos have ceased their operations and production of the MV-1 has been stopped. After receiving a $50 million loan from the US Department of Energy, VPG was unable to sustain the funds to repay their loan and continue production to fulfill the orders that have been received. This is unfortunate news considering that VPG has made about 2,500 MV-1s between September 2011 and October 2012.
Based on their Facebook page, they have laid off their entire sales staff and have stopped answering business calls since the middle of April. There has been unconfirmed reports that VPG may be acquired by AMG; however, the majority of the news and feedback suggests that is not going to happen.