On Oct. 22, Indian auto manufacturer, Reva Electric Car Co. announced plans to open a factory to build a new generation of electric cars in North America. The plant will be in upstate New York. The announcement comes as good news, since the area has seen a rash of companies moving out of the area in recent years.

Reva will partner with Bannon Automotive, a new company also located in New York, to manufacture the 3-door plug-in hatchback called the NXR.

But New York Senator Charles Schummer cautions to keep the bubbly on ice a bit longer. A total of $52 million from the Department of Energy and the Department of Agriculture has yet to show up. Once it comes through, he says the warehouse, located in Clay, N.Y., will be all set to go.

The automaker chose the area over Michigan because of its strong manufacturing workforce and a $6.76 million incentive package. The plant will create 100 full-time jobs in the first year, and 250 within the first three years, giving the area a much needed economic boost. The first cars are expected to roll off the assembly line in July or August 2010.


Increase your money and finance knowledge from home

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

Add a Comment

*0 / 3000 Character Maximum