Australia: Joss Supercar JP1 Dreams Shattered

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Australian based Joss Supercar has hit hard times as its prime investor, The Hatzimihail Group has pulled its plugs from the company.

Towards the end of last year, Joss Supercars announced that they are having an investment of USD 35 million to make the JP1 supercar. But thing went south as soon as the investor, a lighting technology company, fell through.

The statement read:

"Australian supercar manufacturer Joss Developments Pty Ltd today announced that it is no longer involved with The Hatzimihail Group. This decision was difficult, but necessary."

The company is now looking for investments, to secure funding necessary to bring the JP1 sports car to the Australian market, which was supposed to be launched later this year.

Initially planned to be a track only car, it will have a 5.0-litre, V8 engine that will help the car achieve 0 to 100 km/h in 2.8 seconds and a top speed of 340 km/h. It will have a price tag of USD 600,000.

Read more on: #auto news #four wheeler
Story first published: Friday, April 24, 2015, 18:15 [IST]
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