©2016 Michigan Economic Development Corporation

Governor Announces Tesla Motors to Locate New R&D Center in Rochester Hills

Tuesday, January 16, 2007

Michael Shore, MEDC
(517) 335-4590

Company’s Vehicle Among Time Magazine’s 'Best Inventions of 2006'

Governor Jennifer M. Granholm announced today that high-tech specialty auto manufacturer Tesla Motors Inc. will invest $47.7 million to locate a new R&D and engineering center in Rochester Hills. Assistance offered through the Michigan Economic Development Corporation convinced Tesla Motors to select Rochester Hills over other competing sites inSouth Carolina. The project will result in the creation of 76 Michigan jobs. Tesla Motors currently employs nine workers in Michigan.

An economic analysis conducted by the MEDC estimates that increased economic activity created by the expansion will generate $23.8 million in personal income for Michigan workers over the life of the tax credit.

The expansion is one of five economic development projects the Governor announced today. In all, they are expected to create and retain a total 1,790 Michigan jobs.

Tesla Motors, a privately held company headquartered in San Carlos, California, was founded in 2003 with the mission of developing electric cars that offer styling and performance with zero emissions. More on the company and the Tesla Roadster can be found on the company website at www.teslamotors.com.

www.michigan.org.

Tesla Motors Inc.
Summary Estimates
(All estimates in 2007 dollars)

TOTAL JOBS CREATED

76

Direct

75

Indirect

1

NET POSITIVE STATE REVENUE IMPACT

$1,230,000

Revenue Foregone

$602,000

Revenue Gain

$1,832,000

Average Weekly Wage

$1,500

Personal Income Generated Over

$23,787,000

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