Motorsport entrepreneur Don Panoz is making a $100 million bet on the future of transportation.
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According to this week’s Atlanta Business Chronicle, Panoz, founder of Chateau Elan Winery in Braselton, Ga., has launched Green4U Technologies, a boutique electric vehicle manufacturer.
Led by former Wall Street executive Jack Perkowski, Green4U will build battery-powered cars, sport utility vehicles, buses and pickup trucks at a 500,000-square-foot campus in Barrow County, where it hopes to create 1,000 jobs over the next five years.
While the auto industry is building its electric vehicle ambitions on the backs of consumers, Green4U will sell to taxi and logistics companies; state and local governments; and universities.
Unlike traditional automakers, Green4U is focused on relatively small production volume as it targets the commercial space. By 2022, the company expects to produce about 60,000 vehicles annually.
Urvaksh Karkaria covers technology for Atlanta Business Chronicle.