A New York company is entering a joint collaboration with Banglore-based Reva Electric Car Company to launch electric cars for the U.S. market in 2010.
Freeport, N.Y., based Bannon Automotive will build the three-door, plug-in hatchback Reva NXR and a sporty two-seater NXG at a suburb in Syracuse.
Reva and Bannon will jointly invest $26.5 million in the plant, while state and federal officials are providing a $6.76 million package in grants and tax incentives as well as $52 million in federal loans and loan guarantees.
Bannon’s Reva factory will initially employ 100 workers, growing to 250 in three years and will produce 15,000 to 20,000 cars annually. The lithium-ion battery powered NXG model, priced from $20,000 to $25,000, reaches speeds of up to 65 mph with a range of 100 miles on a single charge. The lead-acid battery powered NXR’s speed tops out at 50 mph. The NXR has a 50-mile range and sells for around $17,000.
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