HispanicBusiness

A deal to reopen a former General Motors Co.(GM) plant in Wilmington, Del., as a factory producing electric vehicles is in the works, the White House said.

Vice President Joe Biden was to travel to his home state Tuesday to announce that Fisker Automotive of Irvine, Calif., is expected to invest $175 million to retool the former GM Boxwood Plant, The Washington Post reported.

Fisker, paying the old GM $18 million for the plant and equipment, is receiving tax incentives from the state of Delaware, but state officials declined to say how much or in what form.

Fisker spokesman Russell Datz said the car planned for production in Delaware is being developed under the name "Project Nina" in a homage to the lead ship of explorer Christopher Columbus.

Datz told the Post the project's name was meant to be "symbolic of the transfer from the old world to the new in terms of auto technology."

The car is expected to cost about $39,900 after tax incentives.

The Fisker facility is expected to create 2,000 jobs and be operational by 2011, administration officials said.