U.S. electric auto maker Green4U plans to build plant in Honduras

TEGUCIGALPA (Reuters) - U.S. electric auto maker Green4U Technologies has signed a memorandum of understanding to build an assembly plant in Honduras, the first of its kind in the Central American country, the Honduran government said on Tuesday.

Green4U Chairman Don Panoz signed the agreement with the Honduran government, it said in a statement. The plan foresees investment of some $19 million-$20 million over the first five years.

Panoz said in the statement the company wanted to base its operations in a community of 40,000-50,000 people, and that the company was considering three locations near to a port on Honduras’s Atlantic coast.

Reporting by Gustavo Palencia; Editing by Amrutha Gayathri