Improper management of assets has prompted Mexico’s first and only sports car manufacturer, Mastretta, to stop production of the MXT model, due to a lack of funds caused by poor management.

Apparently, the fault lies with Latin Idea Ventures, who were not responsible with their calculations, burning through the allocated resources in a mere eight months – it’s not specified how long these were meant to last, but it was obviously longer than that…

It sounds rather grim that the two major investors attracted in (MEXICO VENTURES and CORPORACION MEXICANA DE INVERSIONES DE CAPITAL) and their collective pool of cash went to waste, and it could bring about the end of the firm altogether. However, company officials claim that there’s still a business case in Mastretta and it could be made viable with a more careful management tactic.

GTSpirit found the press release issued by the company, signed by José Carlos Mastretta Guzmán and Juan Daniel Mastretta Guzmán, stating all of the above.

It sounds quite bleak, but all may not be lost. Steve Hindle, Brand Manager, Mastretta Cars (Europe), replied to the source article with the following (optimistic) message:

“It’s not the end for Mastretta, but it’s going to take a lot of work, a lot of compromise, and some serious common-sense to allow us to move forward. At the moment, it’s like a couple going through the painful process of separation; each is hurting and each has their own version of why we’re now in this position, and everyone stands to lose! So we’ve all got to get over this pretty quickly and find a way to seperate that will allow the best outcome for Mastretta Cars, the best outcome for Latin Ideas, and the best outcome for the people of Mexico.

We’re in the remarkable position of havin a car that is already in production, and is ready to be taken into the testing process that will allow it to be exported into key markets across Europe, and then Asia. But we all need to put differences aside and create the platform for new investment that will assure the future of this unique brand.”

If you don’t know the Mastretta MXT, check out the AFP video posted below; it’s from 2011.

By Andrei Nedelea

VIDEO