Generous tax incentives package helped Nevada score a win over neighbor states

We reported yesterday that the state of Nevada scored a victory over Texas, Arizona, and New Mexico to become the home for Tesla Motors’ massive, $5 billion Gigafactory. Sources for Bloomberg and CNBC confirmed the news, while Governor Brian Sandoval took to Twitter to inform his followers of a “major announcement” for Thursday.
Today, Tesla Motors confirmed what everybody has known for the past 48 hours and made the deal official. “The Gigafactory is an important step in advancing the cause of sustainable transportation and will enable the mass production of compelling electric vehicles for decades to come,” said Tesla Motors CEO Elon Musk. “Together with Panasonic and other partners, we look forward to realizing the full potential of this project,” said Elon Musk, Chairman and CEO of Tesla Motors.

“Tesla will build the world’s largest and most advanced battery factory in Nevada which means nearly one hundred billion dollars in economic impact to the Silver State over the next twenty years,” added Governor Sandoval. “These 21st century pioneers, fueled with innovation and desire, are emboldened by the promise of Nevada to change the world.”
Tesla will work together with Panasonic on the Gigafactory, with the latter handling the manufacturing of battery cells and the battery packs that will go into future Tesla electric vehicles. Once completed, the Gigafactory will employ 6,500 people (average wage of $25/hour) and will have a total annual output of roughly 50 GWh in battery, which is enough to support the production of 500,000 Tesla EVs per year.

[Image Source: Reno Gazette-Journal]
It should be noted that Nevada was able to secure the Gigafactory thanks in part to its incredibly generous tax incentives package. Tesla’s incentives package is worth approximately $1.25 billion spread out over 20 years according to the Reno Gazette-Journal. In return, Tesla will have to a least $3.5 billion in “manufacturing equipment and real property” within the state and provide $7.5 million/year for five years to the state’s educational system.

Sources: Tesla Motors, Reno Gazette-Journal

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