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Tesla gets ~$20 million for the Gigafactory by selling tax credits to MGM Grand Casino [Updated]

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When Tesla inked a deal with the state of Nevada to build its giant battery factory near Reno, it was widely reported that Tesla received $1.3 billion in tax incentives. While the deal could be worth close to the amount over a 20-year period, it is not clear how much Tesla is currently getting from the state because it was awarded as sales and property tax abatements, transferable tax credits (TTC) and discounted electricity rates.

Through documents recently released by the Nevada Governor’s Office of Economic Development (GOED), we now learn that Tesla started profiting from transferable tax credits by selling around $20 million worth to MGM Grand Casino. Expand
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A drone flies over Tesla’s Gigafactory and shows important progress: walls are coming up [Video]

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A video posted to Youtube today gives us the most recent look at Tesla’s battery factory under-construction in the Nevada desert. For the first time we see the walls of what could become the biggest building on earth. In the latest drone fly-by video, we could only see the barebone steel structure.

The company plans to significantly reduce the cost of batteries through economy of scale by producing 50 GWh of battery packs at the ‘Gigafactory’. Tesla expects to produce the first battery packs at the factory during the first quarter of 2016. Expand
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