Tesla Motors Inc (NASDAQ:TSLA) has bared its official Nevada address after the luxury electric car maker landed a landmark $1.3-billion deal with the state’s government as incentive to put up its massive “Gigafactory” battery manufacturing facility in the region.
According to Tesla Motors Inc (NASDAQ:TSLA) in a post on its Facebook Inc (NASDAQ:FB) page, its official address in Nevada will be “Electric Avenue, McCarran, Nevada.”
The announcement was made by Tesla Motors Inc (NASDAQ:TSLA) after Nevada Governor Brian Sandoval signed a package of four bills including Senate Bill 1 which gives the car maker about $1.25 billion in tax incentives for the company’s promise to invest $3.5 billion in the state within 10 years of the measure being agreed upon.
The package of bills gives the company up to $1.3 billion in incentives to put up its “Gigafactory” – which is expected to create 20,000 jobs and bring $100 billion into the region’s economy – in the Silver State.
Governor Sandoval, in a speech after signing the package of bills, said that the deal has “changed the trajectory of our state forever.” He added that the state is showing the world and not just the United States, “that we are ready to lead.”
According to a report from Bloomberg’s Betty Liu in a segment of “In The Loop,” Nevada’s lawmakers have agreed to write off Tesla Motors Inc (NASDAQ:TSLA)’s sales taxes for 20 years and the company’s property and business taxes for 10 years.
Liu added that the factory, once fully operational, will require 6,500 people to run. Liu also noted that the company has been exempted by the leaders of Nevada from a law that requires cars to be sold through dealerships.
The new developments come after Nevada was reported last week as the likely winner of the battle between U.S. states to woo the car manufacturer.
Tesla Motors Inc (NASDAQ:TSLA) shareholders includes Daniel Benton’s Andor Capital Management which reported 1.25 million shares in the company by the end of the second quarter of the year.