Tesla Reverses Plan for San Jose Plant
Tesla Motors Inc., has reversed a decision to locate locate its headquarters and manufacturing facility in San Jose, California, according to the San Jose Business Journal.
The Journal reports that the electric car maker was unable to secure the necessary $100 million in venture capital financing it needed to build the $250 million facility. A spokesperson for Tesla tells the Journal that the company has now applied for $400 million in low-interest federal loans through the Advanced Technology Vehicle Manufacturing Program, but that this program favors brownfield sites on which existing facilities can be rehabilitated; the San Jose site Tesla had originally chosen is an undeveloped greenfield site and would not likely qualify for the loans.
The company says it is now looking for sites in both northern and southern California and may choose three different locations for the headquarters, a manufacturing facility for its Model S auto, and a battery and powertrain plant
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