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Trust to Sell GM Shreveport Plant to Minivehicle Maker
Elio Motors Inc. has agreed to buy a former General Motors Co. assembly plant near Shreveport, La., for an undisclosed amount.
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Elio Motors Inc. has agreed to buy a former General Motors Co. assembly plant near Shreveport, La., for an undisclosed amount.
The deal is expected to close this spring.
The Phoenix, Ariz.-based company plans to begin producing tiny three-wheel commercial vehicles there in mid-2014. Elio says the $6,800 model will attain more than 80 miles per gallon. The company says it expects to hire 1,500 workers in Shreveport by late 2015.
The seller is Racer Trust, which holds the real estate GM left behind in bankruptcy in 2009. With the Shreveport sale, Racer will have divested 25 of the 89 properties it inherited.
GM continued to build pickup trucks at the Louisiana factory until August under a lease from the trust.
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