MONROE, La. (AP) — A startup automobile company plans to assemble a new fuel-efficient vehicle in Louisiana, creating an estimated 1,400 jobs.

State and company officials announced Wednesday that San Diego-based V-Vehicle Co. will take over the vacant Guide Corp. plant in Monroe.

The state put up an incentive package of $67 million to fund improvements and expansion of the plant, while Monroe-area local governments put up another $15 million.

The company was founded in 2006 by former Oracle Corp. executive Frank Varasano, who says production would begin in about 15 months.