Tesla Motors Inc (TSLA) is offered Giga Factory incentives in California

Posted Jun 20, 2014

Tesla Motors Inc (NASDAQ:TSLA) is considering several locations to open its battery producing facility. Several states are offering incentives to have Tesla CEO Elon Musk decide on a location there. The state of California was not in the running initially, but they are giving Tesla a reason to open its factory there.

According to Automotive News:

?California has set the example for the world in battling climate change and promoting innovative technology to lower carbon emissions,? said California Democratic state Senate leader Darrell Steinberg, who authored the bill. ?This factory would help us achieve the dual goals of strengthening our economy and fostering more clean technology and renewable energy.?

Republican state Senator Ted Gaines said that the state is willing to offer tax credits, investment credits, and hiring credits.

There are no exact details on the incentives included in the bill. The bill will still need 2/3rd majority vote from both branches of the state legislature in California.

?California will have to meet the same criteria as other locations in terms of speed to implementation. Speed is of the essence,? said Tesla spokesperson Shanna Hendriks.

[Source: AutoNews]