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Hybrid Kinetic Motors plans to utilize EB-5 visa program
HK Motors, a California-based subsidiary of Hybrid Kinetic Group Ltd. of Hong Kong, is planning to begin producing automobiles in Baldwin County, Alabama, in 2013, the Press-Register reports.
The cars built at the facility would reportedly run mostly on compressed natural gas, with electric batteries and a small gas tank serving as backups, the news provider said.
The company is reportedly predicting it will build 300,000 such vehicles each year at first, with production expected to climb to one million by 2018. In addition, the company is predicting that at least 5,000 jobs will be created, according to the news source.
In order to generate funding for the facility, the company is also attempting to raise money from individual Chinese investors as part of the federal EB-5 visa program.
Through this program, foreign nationals can obtain U.S. green card eligibility by investing $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.