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Tesla Gets $10 Million Grant from California
The California Energy Commission has awarded a $10 million grant to electric vehicle maker Tesla Motors Inc. to pay for tooling at its Fremont, Calif., plant to make the upcoming Model X crossover vehicle.
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The California Energy Commission has awarded a $10 million grant to electric vehicle maker Tesla Motors Inc. to pay for tooling at its Fremont, Calif., plant to make the upcoming Model X crossover vehicle.
In exchange, Palo Alto, Calif.-based Tesla pledged to hire an additional 500 workers at the factory, thus bringing the payroll there to more than 2,000 employees.
The company began making its $57,400 Model S Model S electric sedan in June at the former Toyota-General Motors joint venture facility.
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.
Tesla raised about $200 million in a stock offering last week. The company plans to begin repaying its $465 million loan from the U.S. Dept. of Energy in February.
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