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.
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.