A start-up company that is seeking to build hybrid cars in Tunica County is moving forward after settling a lawsuit with a former business partner. According to court documents, Southaven-based Hybrid Automotive Corporation has made plans with the Mississippi Development Agency to invest $6.5 billion in a plant that would employ up to 25,000 people. The company plans to make hybrid automobiles, prototypes of which should arrive in Mississippi "in the near future," according to filings.
"We are satisfied to put this lawsuit behind us. We will continue working closely with Mississippi State Government, Tunica County, and Gulf Coast Funds Management to make our automotive project a great success," the company said in a statement released July 24.
Plans for the plant only came to light after a judge unsealed a lawsuit concerning ownership of the company, according to the Associated Press. Xiaolin "Charles" Wang settled his suit against Yung "Benjamin" Yeung and a federal district judge dismissed the suit on July 24.
According to Hybrid Automotive Corporation's website, two German companies are developing the hybrid engine and other technology for the prototype. The company is attracting some of its investors through an immigrant investment program that provides visas for foreign investors making substantial investments in the U.S.
Melissa Medley, marketing director for the Mississippi Development Authority, said that MDA could neither confirm nor deny any details about the project.
A phone call to the company's attorney, Bill Brebec of Jackson, was not immediately returned.
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