Tesla to more than double production of Model S, with help from state tax breaks

#gotesla! its just exciting to see a start-up in an industry to heavily manhandled by the major corporations!


Electric car maker Tesla Motors (s TSLA) plans to use a $34.7 million tax break from the state of California to help more than double annual production of its Model S electric sedans at its Fremont factory, SFGate reported Tuesday. Tesla currently is producing around 21,000 Model S cars per year at the plant, and plans to boost that by 35,000 cars — one of its biggest manufacturing ramp-ups since it first began making cars.

Tesla's line of Model S cars

The state of California taxes most companies when they buy manufacturing equipment, but exempts a company like Tesla because of its greater environmental contribution and carbon emissions reductions. The $34.7 million in tax breaks is from sales and use taxes on $415 million worth of new manufacturing equipment, and the new production could create 112 new jobs. The company used the same tax breaks on $612 million worth of manufacturing when it first retooled the…

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