On May 26th Mastretta Cars issued a press release stating that production of the MXT had halted because of the mismanagement of two of the majority shareholders. In the document, José Carlos Mastretta Guzmán explains that the Mastretta family approved the inclusion of said shareholders in order to promote a growing brand on an international level, as we reported earlier this year.
A balanced board of directors was created to guarantee an efficient and adequate management, since the new business parters MEXICO VENTURES and CORPORACION MEXICANA DE INVERSIONES DE CAPITAL would be majoritary shareholders. It didn’t happen that way, and “a clumsy, irresponsible and negligent management, under the command of Latin Idea Ventures, used up in only eight months all the resources provided without meeting any of the objectives they were compromised to.” José Carlos Mastretta Guzmán strongly states that those partners are completely responsible for the devaluation of Mastretta Cars and its eventual end.
The most important part of the statement declares MXT production has halted while the company. It states that the company is still viable and could succeed if properly managed. By the end of the text, an apology is directed to all its employees, clients, dealers, and suppliers, as well as Tecno Idea and everyone who sympathized with the project.
The document is signed by both José Carlos Mastretta Guzmán and Juan Daniel Mastretta Guzmán who say their only motivation to create such brand and car was to encourage innovation in México. The final message reads: “We tried until the end, we couldn’t help it”.
Without further information it is still uncertain if they’ve reached a dead end, or if Mastretta Cars will survive and legal action will be taken against the partners who have been identified as responsible for this situation.
You can read the original press release here in spanish.
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