Tesla?s gigafactory has an address on ?Electric Avenue?

In News, Technology by sanjayjadhav

Tesla Motors Inc.?s planned battery factory has received a final nod from Nevada?s legislators ? and it now has an address.

Readers of a certain age will remember the 1980s song ?Electric Avenue,? which is about race riots in Brixton, London that took place in 1981. Electric Avenue is a street in Brixton, thus named for being one of the first in the area to be lit by electricity.

Teslas Gigafactory address on electric avenue

Now, the Tesla gigafactory will stand on a street with the same name.

Nevada wooed Tesla with a $1.2 billion deal that included decades-long tax abatements, tax credits, and even discounted electricity rates. Nevada?s lawmakers approved the deal unanimously at a special session, and Gov. Brian Sandoval signed it late Thursday. Tesla is expected to invest $3.5 billion in Nevada.

The $5 billion factory is a key part of Tesla?s plan to lower battery prices enough ? and to produce enough of them ? to launch its Model 3, a mass-market electric car, in the next two to three years.

The Model 3, expected to cost about $35,000, would join luxury sedan Model S and the upcoming Model X, an SUV, in Tesla?s lineup.

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