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Tesla Motors Inc (TSLA) Gigafactory Job Creation Slow but Good Enough for Nevada Officials

The Tesla Motors Inc Gigafactory in northern Nevada is not creating jobs at the pace expected by the company or the Nevada Office of Economic Development, but Nevada state officials believe the progress is satisfactory.

Gigafactory job creation slower, but satisfactory

Nevada Governor’s Office of Economic Development issued a progress report this week, which said that at the end of 2015 there were 272 employees working at the Tesla and Panasonic factories. This number is lower than the 700 jobs estimated in the September 2014 report, when the state lawmakers were deciding whether or not they should approve a $1.3bn tax incentive package for Tesla.

Tesla Motors Inc (NASDAQ:TSLA)

“In its application to the state for abatements, the company refined its annual job creation projections to more accurately reflect that the construction of the gigafactory would be completed in phases instead of all at once as the state’s economic impact report initially projected,” said Economic development office spokeswoman Jennifer Cooper.

For each week of the last three months of 2015, there were 894 construction workers at the site, and according to the memo, they all were Nevada residents. “Tesla is making satisfactory progress toward meeting the investment requirements necessary to continue the support of the project,” said Economic Development officials.

Tesla may not show all Model 3 features in March                                  

Tesla Motors Inc will reveal its upcoming electric sedan Model 3 at the end of next month, but the firm would not reveal a lot of details about the car. Tesla CEO Elon Musk recently said that the firm will show the first pictures of the SUV, but not much more, TechInsider reported.

At a Tesla event last week, Musk was asked when the firm will finally show the Model 3 to the customers, to which he replied “the first pictures of the Model 3 will be end of March.” However, Musk clarified that the firm has no plans of revealing all the features of the new sedan at the March event.

Previously, the firm suggested that the price of the car before incentives will be $35,000, and to keep the price at that level, the firm won’t release the Model 3 with as many features as are there in the Model S sedan and Model X SUV.

Tesla Motors Inc has faced delays on getting previous models to the market, and therefore, it intends to make for a faster production timeline. As the production of Model 3 progresses, Musk assured it will have more available upgrades and options. Tesla has not given a solid production date for the Model 3 as yet, but has suggested that the production will begin late 2017.

 

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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