Most probably thanks to the Top Gear trio, a great many people know about the Mexican car company Mastretta and its
MXT
sports car. But now it could been in jeopardy as the Mastretta brothers Carlos and Daniel have walked away, citing "poor strategic decisions, failure to achieve any of the agreed goals and wasted valuable funds" by the new management team in a statement issued today.
Not happy at Hot Wheels model evidently
This 'new management team' comprised a few parties. On launching the MXT in its home market, partners were added to the Mastretta project including Latin Idea Ventures. To further consolidate its position last year, the Mexico Ventures Fund and Corporacion Mexicana de Inversiones de Capital also joined. With the involvement of these latter two Government backed companies, the brothers "accepted the need to become minority shareholders, asking only in return for a balanced and functional Board of Directors that could offer efficient and proper management of the company."
According to a press release issued by the brothers the managers of Latin Idea Ventures, Mr Miguel Angel Davila and Mr Humberto Guzman Gonzalez Zesati, were reputedly granted all governing power. According to the Mastretta brothers the executives "were both irresponsible and negligent in the way that they undertook their duties." Despite warnings about the potential outcomes, nothing was changed.
Now the MXT development and production has ceased just as the car approached testing for Small Series Type Approval in Europe (EC SSTA). Therefore two options now face Mastretta; Latin Ideas may continue regardless, but producing a Mastretta without the founding family could be challenging. The alternative is that another agreement is reached, the Mastrettas come back on board and implement the design adjustments that are prepared for the MXT. Given the finality of the their statement ("we will now move forward, both in defence of our heritage, and with truth and reason") though, it does suggest an irrevocable split.
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