V-Vehicle Corporation, a company that manufactures electric cars based in San Diego has seen their CEO Frank Varasano get ousted and replaced by KPCB’s Ray Lane. V-Vehicle’s request for a loan from the Department of Energy was recently rejected.

The company is currently looking for a new CEO. V-Vehicle has also canceled their lease on a Louisiana automotive plant that they planned on refurbishing. V-Vehicle has about $85 million in funding. [SoCalTech]

V-Vehicle is an automotive startup company based in San Diego, California.  The vehicle company has raised $62.25 million and plans to raise an additional $4 million.  The companies involved in the $62.25 million are Google Ventures and Kleiner Perkins Caufield & Byers.  V-Vehicle will be building cars in the northeastern region of Louisiana.

V-Vehicle raised a previous round from T. Boone Pickens and has former Mazda design chief Tom Matano on their staff.  V-Vehicle recently procured a facility that was owned by Guide Corporation.  And Louisiana Governor Bobby Jindal was at the announcement ceremony of the plant opening.  Jindal offered V-Vehicle $67 million as part ofa startup incentive package.  Local governments provided an additional $15 million.  V-Vehicle is aiming to raise about $50 million between equity and loans.

David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer is listed as one of the Board of Directors at V-Vehicle.  Former Oracle executive and founding CEO of V-Vehicle Frank Varasano had invested $100 million of his own money into the company.

Kleiner Perkins partners John Doerr and Ray Lane also have board seats in V-Vehicle.  James Davison, a trucking company leader is also listed as an investor.

In Louisiana, the company plans on developing a “green” car.  Tesla should beware, they’re not the only ones in the electric car game.

[via Xconomy/alarm:clock]