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Nevada's $1.2 billion deal for Tesla Gigafactory lets EV company sell direct

Now that the Nevada deal for the Tesla Motors Gigafactory has the governor's signature, we've got more details on the automaker's $1.2-billion benefits package. As originally reported, this is the broad breakdown: $725 million for a 20-year 100 percent sales tax abatement $332 million for a 10-year 100 percent property tax abatement $120 million in transferable tax credits $75 million in transferable tax credits worth $12,500 per job times 6,000 jobs). $27 million for a 10-year, 100 percent modified business tax abatement $8 million in discounted electricity rates for eight years New reports say that one way that state legislators freed up some money ($125 million) was by ending a long-standing tax break for insurance companies. Legislators also eliminated some tax credits for movie companies to give the money ($70 million) to Tesla. One surprising side benefit for Tesla is the ability to sell its EVs directly to customers in Nevada. The state hasn't been a big player in the EV dealer fight issue, but now the company's right to sell cars there is secure. What does Nevada get out of the deal? Well, a lot of publicity, for starters, but also a big new employer. The state is also requiring that at least half of all the workers at the $5 billion Gigafactory be from Nevada, but there is a way for Tesla to get waivers around this if needed. Add that all up and you get what state Assemblyman Ira Hansen called, "arguably the biggest thing that has happened in Nevada since at least the Hoover Dam." Not everyone is so positive. A Las Vegas schoolteacher told the Nevada Appeal, "I think it is kind of ironic that a renewable energy, a green energy car company we are courting to come to our state, that one of the things we are giving them is free energy." You can watch a video of the September 4th Tesla/Nevada announcement and read the governor's press release about signing the bill below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Governor Brian Sandoval Signs Historic Legislation Thanks Legislature for Thorough Review and Approval CARSON CITY, NV - September 11, 2014 Governor Brian Sandoval signed Assembly Bills 1, 2, and 3, and Senate Bill 1, legislation from the 28th Special Session of the Nevada Legislature, tonight in a ceremony that was open to members of the Nevada Legislature and the public.

Tesla stock drops on fear that comes with low gas prices [w/video]

Tesla's stock price was down to around $206 earlier today, but it's back up to over $216 now. Friday, it closed at over $223. Some stock blogs are saying the price could go as low as $165 in the not-too-distant future. What's behind these wild swings that CNBC's Phil LeBeau calls, "the worst seven-day trading period ever for shares of Tesla"? One potential culprit is today's low gas prices. Those prices – currently hovering at around $2.65 a gallon in the US, the lowest in about four years – are affecting the cars people buy (sorry, hybrids), so it's not a huge leap to think they'll affect high-end electric cars, as well. A $50 drop in share price is pretty dramatic, and Bloomberg and others point the finger at gas prices. Ben Kallo, an analyst with Robert W. Baird & Co., wrote that, "We believe the recent decline in TSLA shares is largely driven by the concern low gasoline prices could impact demand if sustained for the long term." But there are other ideas, too. Since we don't always comprehend analyst-ese, we're not sure if Zev Spiro at Orips Research thinks gas prices are to blame, but it doesn't sound like it: A negative signal developed yesterday as a high volume break occurred below the slightly upward slanted neckline of the topping pattern, in the $219.20 area. The break below the neckline signaled a trigger of the bearish pattern and indicated a downtrend with a minimum expected price objective in the $165 area. In addition, yesterday's bearish trigger may result in downward momentum in the near term. Indicators are generally negative, adding to the overall bearish tone. Kallo remains positive, though, saying that, "We believe demand for TSLA's vehicles will remain strong." This makes sense to us, since TSLA has weathered drops before, only to climb to record highs afterwards. Watch a CNBC video report on all of this below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fastest cars in the world by top speed, 0-60 and quarter mile

A claim for the title of “Fastest Car in the World” might seem easy to settle. ItÂ’s actually anything but: Are we talking production cars, race cars or customized monsters? And what does “fastest” even mean? For years, car publications have tended to define “fastest” in terms of an unbeatable top speed. ThatÂ’s distinct from the “quickest” car in a Usain Bolt-style dash from the starting blocks, as with the familiar 0-60 mph metric. Professionals often focus on track lap times or elapsed time-to-distance, as with a drag racer thatÂ’s first to trip the beam of light at the end of a quarter-mile; or the 1,000-foot trip of nitromethane-powered NHRA Top Fuel and Funny Car dragsters. Something tells us, however, that you're not seeking out an answer of "Brittany Force rewriting the NHRA record books with a 3.659-second pass at a boggling 338.17 mph." For most barroom speed arguments, the focus is firmly on cars you can buy in showrooms, even if many are beyond the financial means of all but the wealthiest buyers and collectors. Here are some of the enduring sources of speed claims, counter-claims, tall tales and taunting dismissals that are the lifeblood of car enthusiasts – now with EVs adding an unexpected twist to these passionate pursuits.   Fastest from the blocks: 0-60 mph Thirty years ago, any car that could clock 60 mph in five seconds or less was considered extremely quick. Today, high-performance, gasoline-powered sedans and SUVs are routinely breaking below 4 seconds. As of today, the 2023 Dodge Challenger SRT Demon 170 crushes all with a 0-60 mph time of just 1.66 seconds. That's simply absurd, but keep in mind the Demon was engineered with the single-minded purpose of going fast in a straight line. It's also important to realize that direct comparisons are difficult, because not all of these times were accomplished with similar conditions (prepped surfaces, adjustments for elevation and so on). The moral here is to take these times with a tiny grain of salt. After the Dodge, the Rimac Nevera comes in with an officially recorded 0-60 mph time of just 1.74 seconds. EVs crowd the quickest list, with the Pininfarina Battista coming in a few hundredths slower (1.79 seconds) than the Nevera and the Lucid Air sapphire (1.89 seconds) right after that. Eventually, you arrive to the Tesla Model S Plaid, which has a claimed 1.99-second 0-60 mph time, though instrumented testing by Car and Driver shows it accomplishes the deed in 2.1 seconds.