V-Vehicle Company, a new American car group headquartered in San Diego, has chosen Monroe as the site for its assembly plant, Gov. Bobby Jindal and Louisiana Economic Development Secretary Stephen Moret announced yesterday.

The project, which involves the launch of environmentally friendly, fuel efficient automobiles, will create more than 1,400 direct jobs at an average annual salary of nearly $40,000. The capital investment will be at least $248 million; a customized incentive package from the state is valued at $67 million, funds that will be used for improvements and expansion of the former Guide Corp. plant.

Among the investors is oil tycoon-turned-environmentalist T. Boone Pickens.

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