Hogan, 56, has been raising capital since his departure from Magna late last year.
"It's a startup company, and it is automotive, and I hope to stay here," he said last week. Hogan offered no details and said an announcement could come within 60 days.
Getting investors for a startup automotive business is a tough sell in any market. Today's credit crunch compounds the problem.
Hogan spent three years as president of Magna, an Aurora, Ontario, auto supplier. Before that he was at GM for three decades.
Hogan was GM's group vice president for advanced vehicle development. He also was president of e-GM, group director for the public affairs staff at GM's Chevrolet-Pontiac Canada group and general manager for small-car operations at GM's North America Car group.