updated 10/25/2009 5:11:13 PM ET 2009-10-25T21:11:13

A new New York company hopes to complete financing of a Syracuse plant to make electric cars by the end of this year and start rolling out plug-in hatchbacks in late 2010.

Bannon Automotive, with a nearly $7 million state package of grants and tax incentives, says it chose the central New York site partly because of the "dogged pursuit" of local, state and federal officials. Bannon will invest $26.5 million into the plant, and U.S. Sen. Charles Shumer says he is trying to help the company obtain $52 million in federal loans and guarantees.

Bannon has a licensing deal with Reva Electric Car Co. of Bangalore, India, to assemble the NXR. The car is sold across Asia and Europe. Bannon CEO Paul Wimer says the plant will produce 15,000 to 20,000 cars a year.

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