Bangalore based Reva Electric Car Company (RECC) is likely to set up an
assembly plant for electric cars in New York.
RECC plans to work with Bannon Automotive, a new electric car company in
Freeport, New York, to assemble a three-door plug-in hatchback, the NXR, at a
still-to-be-determined site near Syracuse.
According to sources, the proposed plant will receive $11.6 million (approx
Rs 54.52 crore) in funding and incentives from New York State, with the
companies putting in $26.5 million (approx Rs 124.55 crore). Besides, both the
companies are seeking $52 million (approx Rs 244.4 crore) in loans and loan
guarantees from the federal government.
Final assembly is expected to be carried out in the Syracuse-area factory
under a recently negotiated agreement between Bannon and Reva.