Tesla Sedan Factory Coming to the Bay Area
Monday, June 30, 2008; 3:09 PM
We're just minutes away from Arnold Schwarzenegger's joint announcement with Tesla Motors, but we already hear that he will discuss how Tesla plans to build its electric sedan factory in the Bay Area, not New Mexico as previously expected. Unfortunately, it doesn't appear as though Tesla will actually unveil the sedan itself.
While New Mexico offered a $7 million incentive package to locate the factory there, California upped the ante by offering sales tax exemption for the purchase of manufacturing equipment, and by providing grants for the training of new employees.
We'll have a recording of the webcast here once the event finishes. In the meantime, head over to the Office of the Governator to see it live.
Most people know Tesla for its fancy electric sports car (seen above), which can be glimpsed driving down highway 101 near its discreet headquarters in San Carlos. But with $146 million in the bank, Tesla plans to expand into a more mainstream market with a $60,000 sedan, slated for production in two years.