High-profile electric car maker Tesla Motors announced yesterday that it will build its 4-door sedan in California.
The company had previously said it would build the less-expensive follow-up to its two-door Roadster in Albuquerque, New Mexico.
However, Tesla decided it would be advantageous to build manufacturing facilities in close proximity to the engineering and research and development functions in Tesla’s San Carlos headquarters and take advantage of newly-installed state incentives.
Last week, the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), approved a new program that exempts new Zero Emission Vehicle manufacturers from paying sales and use tax on the purchase of manufacturing equipment and will encourage ZEV manufacturing in California. Tesla will also be eligible for at least $1 million in Employment Training Panel Workforce Development Funds to train employees.
State Treasurer Bill Lockyer, who chairs CAEATFA, said, "By offering this financial incentive, our goal is to ensure zero-emission vehicles realize their full potential in our state. In the bargain, we believe the policy will bolster our emerging green economy, create good-paying green jobs and reduce our dependence on foreign oil."
Ze’ev Drori, President and CEO of Tesla Motors, remarked, "As our agreement with the state so clearly demonstrates, we are building a high volume zero emissions vehicle, manufactured in California for mid-range family use. And we aren’t going to stop there. We will continue on and build even more affordable cars."
Tesla’s sedan, which is targeted for late 2010 production, will sell for around $60,000 according to unconfirmed reports.
In February, Tesla said it is considering going public by the end of 2008 or in 2009.
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