There's good economic news for Louisiana! Elio Motors will be moving into the former GM plant in Shreveport. Elio is a start up company. They plan to build three-wheeled, low-price vehicles.

Elio will buy part of the plant to assemble its 65 mile per gallon vehicles. Commercial production will begin in mid-2014. The cars will sell for $6,800.

"We can't wait to begin our journey in Louisiana," -    Paul Elio, CEO Elio Motors

The company plans to hire 1,500 workers by late 2015. The Shreveport plant will be Elio's first manufacturing location. The purchase price hasn't been made public.

The plant closed last August, and has been in the hands of a trust that took over dozens of GM-owned facilities after the company went bankrupt. Elio expects to begin delivering vehicles by mid-2014.