2008 Detroit Auto Show: Automotive X PRIZE team announces new partnership with IDC of South Africa

SEE ALSO: Complete 2008 Detroit Auto Show Coverage

DETROIT, MI, January 14, 2008 - At the 2008 North American International Auto Show (NAIAS), Velozzi and the IDC (Industrial Development Corporation) of South Africa announced a partnership to create an alternative energy vehicle manufacturing facility in South Africa. The Industrial Development Corporation of South Africa Ltd (IDC) is a self-financing, national Development Finance Institution (DFI). It was established in 1940 to promote economic growth and industrial development in South Africa.

"At the IDC we recognize the importance of a dynamic private sector in securing and stimulating rapid and sustainable economic growth, creating employment and reducing poverty. Our mandate includes the rest of the African continent and we are active throughout the entire region. We operate in a broad spectrum of industries and with our specialized knowledge and experience, are able to offer valid and appropriate financial assistance to a wide variety of individuals and companies. I want us to start a brand new genuine South African auto manufacturer dedicated to build only green vehicles," said Wendy Luhabe. IDC Chairperson. South Africa is aiming to be a global leader in "green" vehicle manufacturing.

Climate change and the energy crisis are two of the most worrisome problems our world faces today. These are global issues, which require global solutions. The involvement of the IDC-South Africa to help with our cause is welcome and necessary. Part of Velozzi's objective is to mass-produce the vehicles to alleviate the aforementioned problems. "With the commitment of a global leader such as South Africa, we can see the light at the end of the tunnel and mass manufacturing becoming a commercial reality," said Roberto Velozzi, Velozzi's CEO.

The Velozzi team continues to recruit the best scientific, technical and engineering talent to achieve their goal of a 200+ mph, 100 mpg practical automobile to win the Automotive X PRIZE in 2009. The Velozzi design will incorporate technologies as of yet unknown to traditional automobile manufacturers. These breakthroughs will revolutionize the way we think of transportation vehicles while slashing both carbon emissions and reducing US dependence on foreign oil.