US Markets

Texas county approves tax subsidies for new Tesla vehicle factory

Credit: REUTERS/Lucy Nicholson

A central Texas county that includes Austin on Tuesday approved a plan to provide millions in tax subsidies to Tesla Inc if it builds a $1.1 billion vehicle factory in their community.

July 14 (Reuters) - A central Texas county that includes Austin on Tuesday approved a plan to provide millions in tax subsidies to Tesla Inc TSLA.O if it builds a $1.1 billion vehicle factory in their community.

A majority of commissioners in Travis County voted in favor of providing the electric carmaker with a tax rebate worth at least $14.7 million. One commissioner abstained after asking for a week's delay.

Commissioners in favor of the agreement decided to move forward after a representative of Tesla said executives of the electric auto maker had met with the governor of a rival state, without naming the state.

(Reporting By Joe White Editing by Chris Reese)

((Joe.White@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

TSLA

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More