x Abu Dhabi, UAE Friday 21 July 2017

NY funding for electric cars

SYRACUSE, NEW YORK // In a boost for the beleaguered US car industry, a new company in New York state plans to finance an electric car plant that will see three-door, plug-in hatchbacks go into production in late 2010. The company, Bannon Automotive, will produce the eco-cars in a joint venture with Indian company Reva Electric Car Company to manufacture the NXR hatchback which is already sold in Asia and Europe. New York state is providing a US$6.76 million (Dh24.81 million) package of grants and tax incentives to Bannon.