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Green automaker plans to attract investors with EB-5 visa program
A forward-thinking automaker wants to receive capital from investors using the EB-5 visa program.
Hybrid-Kinetic Motors, an upstart Chinese-American company, is hoping that the potential to become eligible for a U.S. green card is enough to entice Chinese investors to sink at least $500,000 each into their green auto business, according to Automobile Magazine.
The car maker is planning to open a production plant in Baldwin County, Alabama in the near future and is hoping the EB-5 program will draw investors.
The EB-5 visa program allows foreigners to become eligible for their green cards if they invest $1 million in an American business and that investment leads to the creation, or preservation, of 10 jobs. In economically depressed areas, like Baldwin County, the investment need only be $500,000.
Hybrid-Kinetic Motors has an ambitious vision for itself, which includes selling 3 million cars in 2018. Last year, General Motors, the leading car seller in America, sold 2.1 million.
The EB-5 visa program was introduced in 1990 and offers a proven route to a U.S. green card for those wealthy enough to afford it.