Startup auto company moving into former Shreveport GM plant

A startup car company called Elio Motors is moving into the former General Motors plant in Shreveport, where it plans to build three-wheeled, low-price vehicles. Gov. Bobby Jindal announced today that Elio is buying part of the plant to assemble its unusual-looking two-seat cars, which the company says can attain 70 to 80 miles per gallon of gas and will sell for about $6,800. The Phoenix, Ariz.-based company says it will hire 1,500 workers by late 2015, reviving a plant that once built pickup trucks and the commercial Hummer. The plant has been closed since late August, and Elio says it will begin renovations early this year. First delivery of the company’s vehicles is projected for mid-2014. To land the deal, LED is providing Elio an incentive package that includes the new Competitive Projects Payroll Incentive and LED FastStart workforce development program. The former will provide annual, performance-based payroll rebates of 13% for each qualifying job, for the first 10 years of operations. The rebates will be provided following the completion of each year in operation, once actual payroll for the year is verified. In addition, the company is expected to utilize Louisiana’s Industrial Tax Exemption Program incentive. The Caddo Parish Commission also is negotiating potential incentives to support Elio’s redevelopment of the former GM site, says LED, which has more details on today’s announcement here.