GreenTech Automotive
| Company type | Private |
|---|---|
| Industry | Automotive |
| Founded | 2009 |
| Founder | Charlie Wang |
| Defunct | 2018 |
| Fate | Filed for bankruptcy, ceased operations |
| Headquarters | Mississippi , United States |
Key people | Charlie Wang (CEO) |
| Products | Ultralow-power electric vehicles (e.g., GTA Mycar) |
GreenTech Automotive—also identified as WM GreenTech Automotive Corp.—was an American car manufacturer established in 2009 by entrepreneur Charlie Wang, who also held the position of CEO. The company’s mission centered on designing and producing ultralow-power electric vehicles that resembled either compact cars or oversized golf carts, with operations primarily conducted in Mississippi despite its incorporation being registered in Virginia.
From 2009 through 2013, GreenTech secured $141.5 million in funding from Chinese investors via the EB-5 immigrant investor program, alongside an additional $6 million obtained through incentives from Mississippi state and Tunica County. The firm pledged to build a $2 billion manufacturing facility in Mississippi, aiming to produce 250,000 vehicles annually and generate approximately 4,500 local jobs once fully operational. Nevertheless, production volumes remained negligible, and GreenTech filed for bankruptcy in 2018, repaying only $7 million to its investors and creditors.
2009–13
GreenTech Automotive was founded in 2009 by attorney and business executive Charlie Wang, focusing on producing ultralow-power electric vehicles in rural Mississippi regions. The company’s inception followed legal disputes related to Wang’s earlier enterprise, Hybrid Kinetic Automotive Corp., which faced allegations concerning irregular stock issuances. Wang’s professional experience included tenures at prominent law firms and participation in complex commercial ventures.
Wang publicly unveiled ambitious objectives for GreenTech, including establishing a $2 billion manufacturing plant in the Mississippi Delta region with the capacity to produce 250,000 units annually and create 4,500 local jobs. He projected that the company would eventually capture at least one-third of the U.S. automotive market share. Industry analysts expressed doubts about these forecasts and questioned the market viability of such vehicles.
Ownership was structured with Wang controlling 75% through a holding entity, while former Virginia Governor Terry McAuliffe initially possessed a 25% stake before divesting by 2012. The company utilized the EB-5 program to attract foreign capital tied to job creation mandates but achieved limited success in securing residency approvals.
In 2010, GreenTech acquired EuAuto Technology based in Hong Kong along with its neighborhood electric vehicle model, Mycar, transferring operations to the United States. Manufacturing commenced temporarily at a facility in Horn Lake, Mississippi; however, this site remained closed to media access.
GreenTech attracted negative attention from investigative outlets such as Watchdog.org, prompting federal investigations. In response, the company filed an $85 million defamation lawsuit against Watchdog.org and associated parties in 2013; this suit was subsequently dismissed.
Despite substantial investments and strategic leadership under CEO Charlie Wang, GreenTech failed to meet its growth objectives or establish a competitive position within the electric vehicle sector before ceasing operations.
2014–2020
In 2014, GreenTech merged with VL Automotive to develop the WM Destino—a traditionally powered vehicle based on the Fisker Karma platform. That same year, Plastech Holding Corp. initiated litigation against GreenTech for alleged interference with its partnership involving Chinese automaker JAC Motors.
By 2016, GreenTech’s planned $60 million investment in a Mississippi manufacturing plant encountered delays and increasing skepticism. Barbara Tuchel, a regional official, criticized the stalled facility located in Tunica County. While unstable soil conditions were cited as reasons for postponements, the plant ultimately closed in January 2017. The company failed to produce significant vehicle quantities there and employed fewer than 100 full-time workers—far short of the promised 350 positions. Reports suggested that during investor visits—primarily from China—employees occasionally simulated vehicle assembly activities.
In July 2017, Mississippi State Auditor Stacey Pickering demanded that GreenTech and CEO Charlie Wang repay $6 million due to unmet investment and employment commitments. The auditor characterized GreenTech’s operations as largely illusory. Later that year, Mississippi Attorney General Jim Hood filed a lawsuit against the company. GreenTech made only a single partial payment of $150,000 toward this obligation.
Additionally in 2017, thirty-two Chinese investors filed suit against GreenTech executives—including Wang, former Virginia Governor Terry McAuliffe, and Anthony Rodham—alleging fraud and misrepresentation resulting in losses totaling $17 million. The plaintiffs contended they faced potential deportation because GreenTech failed to fulfill job creation requirements under the EB-5 visa program. Although a federal appeals court dismissed the case on procedural grounds, it strongly criticized the defendants’ conduct.
GreenTech filed for Chapter 11 bankruptcy protection in February 2018, reporting minimal assets and acknowledging debts of $7.5 million owed to investors stemming from previous lawsuits. The company continued facing legal challenges and ultimately settled by reimbursing creditors and investors $7 million in 2020. Mississippi state and Tunica County recovered only $575,000 from their investments.
This timeframe underscores substantial difficulties encountered by GreenTech regarding its business strategy, financial performance, and management of international operations—factors that eroded its market presence and competitive edge despite high-profile leadership and bold expansion plans.
Products
- GTA Mycar, a compact 2-door, 2-seat Neighborhood Electric Vehicle created in 2003 by Giorgetto Giugiaro and engineered by EuAuto Technology