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California Gives Tesla $10 Million
The California Energy Commission has awarded a $10 million grant to Tesla Motors Inc. to pay for tooling at its Fremont, Calif., plant to produce the Model X electric crossover vehicle.
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The California Energy Commission has awarded a $10 million grant to Tesla Motors Inc. to pay for tooling at its Fremont, Calif., plant to produce the Model X electric crossover vehicle.
In exchange, the Palo Alto, Calif.-based company pledged to hire an additional 500 workers at the factory, thus bringing the payroll there to more than 2,000 employees.
Tesla began making its $57,400 Model S Model S electric sedan at the plant in June. The state financing will defray some of the $50 million Tesla is spending to prepare for the Model X launch in 2014.
The grant, which is funded by vehicle registration fees, is part of a $90 million California program to encourage the development of new technologies and alternative fuels.
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