Bright Automotive designed a unique plug-in electric vehicle, but failure of a government loan to come through has forced it to shut down.
The CEO and chief operation officer of Bright Automotive earlier this week sent a letter to Energy Secretary Steven Chu saying the company has withdrawn its loan application. Without financing to build a factory, the company cannot build its product and so it is shutting down.
Bright Automotive made one prototype utility van, which used lightweight materials and a hybrid electric power train to achieve up to 100 miles per gallon. With the vehicle designed specifically for … Read more