The Caddo Parish Industrial Development Board has completed its purchase of the former General Motors Shreveport Assembly and Stamping Plant, which Elio Motors said will allow the firm to move forward with building three-wheeled vehicles there.

Elio Motors will rent approximately 1.5 million square feet of the 4.1 million-square-foot building.

“This has been an extremely exciting week not just for me personally, but for the entire Elio Motors team. We’ve had an incredible amount of momentum which has led us to a new plant that will be the foundation for building the new vehicle,” said Paul Elio, CEO and founder of Elio Motors. “Plus, we also raised over $7 million to help us move forward.”

It has been just over a year since Elio announced a plan to open a factory at the old GM plant. Elio said then that the company expected to begin commercial production by mid-2014. The vehicles would sell for $6,800 and average 65 miles per gallon of gas.

In Tuesday’s announcement Elio said he expects commercial production to begin in early 2015, with significant hiring at the Caddo Parish plant to begin in the last three months of 2014.