OBVIO ! Automotoveiculos SA announced Tuesday that it is close to securing medium and long-term project financing to build 50,000 urban cars a year.
OBVIO !, the first Brazilian-owned automobile manufacturer to export vehicles to North America, is in final negotiations with banks in Europe, Brazil and North America to finalize the $700 million project finance deal.
The Duque de Caxias Mayor Washington Reis has backed the project by offering a manufacturing facility and Governor Rosinha Garotinho, with the Secretary of the State of Rio de Janeiro Wagner Victor and Sub-Secretary Delmo Pinho, have promised additional taxes and export incentives for OBVIO !, which would create 4,000 jobs.
OBVIO ! has a partnership with California automobile distributor ZAP, which has agreed to pre-purchase 50,000 OBVIO ! units through a $425 million line of credit provided by a bank in the US. Last year, ZAP introduced the Smart Cars from Europe to the US, receiving more than 150,000 pre-orders from US dealers.
The OBVIO ! 828 prototype was on display in California at the annual Rat Fink gathering of custom cars and hot rods.
The OBVIO ! 828 prototype on display at the New York International Auto Show.