Written by Prognog Staff

Image Tesla Motors has recently announced they will build their new assembly plant in Albuquerque, NM for production of their upcoming electric car.  The plant will be constucted beginning in April 2007 and will ultimately create about 400 new, high wage jobs in the region.

Tesla Motors, based out of San Carlos, Calif., will use the plant to produce its “WhiteStar” car, a four door, five-passenger sports sedan, which is 100 percent electric. The New Mexico plant will be the company’s first assembly facility in the United States. The plant will be built on the West Side of Albuquerque, at Cordera Mesa adjacent to the new Tempur-Pedic plant. The 400 new jobs will pay between $24,000 and $100,000 a year, plus excellent benefits and stock options.

Other sites were considered for the production facility, including one in Flagstaff, Arizona, but ultimately New Mexico won the bid, in large part due to the generous incentives the state and city were able to provide Tesla. The incentives from the state include a high wage job tax credit, the manufacturer’s investment tax credit and assistance from the Job Training Incentive Program. In addition, Governor Richardson has committed $3.5 million in capital outlay from the 2007 legislative session, and another $3.5 million in capital outlay from the 2008 legislative session. These funds will go to Bernalillo County and be used for building and infrastructure investment related to the facility.

“New Mexico has embraced innovation, adventure and next generation technology,” said Rick Homans, Cabinet Secretary of the New Mexico Economic Development Department. "This announcement sends the message loud and clear that we welcome entrepreneurs and we will provide the support they need." The state's Economic Development Department worked closely with the Albuquerque Economic Development Department and the New Mexico Economic Development Partnership to close the deal with Tesla Motors.

The city of Albuquerque and Bernalillo County have agreed to assist with development of infrastructure to the site. First Community Bank has agreed to participate as a local lender. SunCal, which recently acquired approximately 57,000 acres on Albuquerque’s west side, pledged at no cost up to 75 acres of land abutting the initial site if the company undertakes a major expansion in the future.