IE Business Daily Business news for the Inland Empire.
Riverside has completed an agreement with an all-electric shuttle bus company to move its international headquarters from New Zealand to the city.
The partnership with Ohmio was announced in September and approved by the city council on Nov. 28, according to a statement on the city’s website.
Besides developing a facility in Riverside where it will manufacture all of its vehicles, Ohmio intends to move its research and development department to Riverside, test vehicles there and make Riverside its point-of-sale.
The point-of-sale designation means some sales tax revenue from Ohmio’s operation will be diverted to the city.
All-electric shuttles sell for $300,000 to $400,000, which would generate $26,250 in sales taxes per vehicle. Ohmio is expected to make 550-750 shuttles during it first five years, in Riverside, which would generate between $1.65 million and $2.25 million in sales tax revenue, according to the statement.
