California’s Chances to Woo Tesla Motors Inc Gigafactory Doubtful?

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Tesla Motors Inc (NASDAQ:TSLA) new gigafactory has a lot of jobs and other economic benefits to offer, which makes it a coveted deal for a number of U.S. states that are competing hard to get the deal in their favor. One of those strong contenders is the state of California, but according to the latest news the state representatives still have not discussed the much-anticipated incentive bill meant to Tesla Motors Inc. in Palo Alto, says a report from LA Times.

Do decision over bill

Palo Alto-based Tesla Motors Inc has plans of setting up a $5-billion battery factory and is looking for a suitable location. The benefits offered by the lawmakers in the form of tax breaks play an important role in the selection of the particular state as the chosen location.

California’s going down on the list may be due the fact that the lawmakers of the state did not make any efforts nor took any interest in getting approved the much-anticipated incentive bill, which was supposed to lure the electric car maker in choosing the Golden State as the preferred location for building the factory.

Discussions have been taking place between Tesla Motors Inc (NASDAQ:TSLA) officials including the CEO Elon Musk and the governor’s Office of Business and Economic Development. A lot of controversies were raised because of the drafted bill favoring Tesla. CEQA waivers were not welcomed by the environmentalists and lawmakers, who found them to be at the extremes.

Suspense still prevails over Tesla factory location

Tesla Motors is not ready to finalize a deal and is still working to figure out things that form the basics of its plan for setting up the factory, as informed by a Capitol insider.

“Tesla still needs to get all the pieces in place about what the project would be so that the [proposed] statute would be as helpful as possible,” he said.

The other states competing with California for the setting up of gigafactory are Nevada, Arizona, New Mexico and Texas, and no comments have been received with regards to the negotiations with these states. It cannot be said with precision how much time Tesla Motors Inc (NASDAQ:TSLA) would take before it finally agrees with any state for the setting up of a factory as all the states operate on different legislative schedules.

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Aman Jain
Aman has an MBA in Finance with industry experience of more than 7 years, including work as Risk analyst for CAT modelling firm. Presently, he is a director of freelancing firm with focus on investment and technology related articles.

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