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Bannon Automotive, a New York based company, has received a state package of grants and tax incentives worth close to $7 million to build a plant in Syracuse that will churn out electric plug-in hatchbacks as early as late 2010, reports MSNBC.

The company hopes to have their financing in order by the end of this year as they will invest $26.5 million themselves into the facility, and with the help of Sen. Chuck Shumer, they will hopefully obtain another $52 million in federal loans and guarantees.

“Bannon has a licensing deal with Reva Electric Car Co. of Bangalore, India, to assemble the NXR. The car is sold across Asia and Europe. Bannon CEO Paul Wimer says the plant will produce 15,000 to 20,000 cars a year.”, the article stated.

- By: Stephen Calogera

Source: MSNBC

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