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]