A former GM plant will become home to Elio Motors.

General Motors' former assembly and stamping plant in Shreveport, Louisiana, has been sold to Elio Motors. Once home to the gas-guzzling Hummer H3, Elio Motors will convert the facility to produce a three-wheeled vehicle capable of hitting 80mpg.

Elio Motors will use about a third of the facility's 3.2 million square feet to manufacture a high-mileage three-wheeled vehicle equipped with multiple airbags, power window and air conditioning. Elio plans to begin initial production of the vehicle in 2014, with a steady ramp-up through 2015. The car will cost about $6,800.

The plant will eventually employ 1,500 people.

"We are extremely pleased and excited to be part of the Shreveport community with all that it has to offer and feel that Shreveport will be the perfect home for Elio Motors," said Paul Elio, CEO of Elio Motors.

The Shreveport plant was built in 1981 and was last expanded in 2002. The facility includes a paint shop, an on-site powerhouse and wastewater treatment facility and a rail spur. GM ceased production at the plant in August 2012.

The terms of the deal have yet to be announced, but Elio has confirmed that it will receive an incentive package from Louisiana Economic Development.