A press conference is set for noon on Thursday to make an announcement about the future of the former General Motors plant in Caddo Parish.

Because of confidentiality agreements, parish officials are keeping details limited. Parish Commissioner Ken Epperson (Dist. 12) represents the area of Caddo where the former GM plant is located.

"I'd like to respect the confidentiality of the company and all the other players involved in the process," Epperson said.

But sources with inside knowledge of the deal told KTBS Wednesday that a company called Elio Motors plans to build its vehicle at the Shreveport operations plant.

Elio is an upstart company that plans to build fuel efficient and relatively inexpensive cars here. The three-wheeled, two-seated car has an anticipated price tag of $6,800 and claims to get 84 miles to the gallon on the highway.

As many as 1,500 employees could be hired in the first half of 2013 at the Caddo Parish facility. Sources tell KTBS that the average wage for employees will be about $37.50 per hour.

In August General Motors closed the facility. A bankruptcy court handed the plant over to Racer Trust until another tenant could be found.

At its height, GM employed about 3,600 local workers. That number was down to about 800 by the time the plant closed in August of 2012.