Tesla gigafactory q4_2015_report

1. February
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2. Tesla Gigafactory Quarterly Activity Report
(Q4 2015)
(a) The dollar amount of the abatements approved for the Lead participant in the
Project:
Tesla submitted its first compliance audit report for the period covering October 17, 2014
through June 30, 2015. In connection with the submission audit report, Tesla has claimed $9.6
million of transferable credits, which is attributed to the amount of investment spent and
employees hired at the Gigafactory during the same period. These credits are expected to be
issued to Tesla by the Office by or around early February.
(b) The number of employees engaged in construction of the Project who are residents
of Nevada:
During Q4 2015, there was a weekly average of 894 construction workers, of which 74% were
residents of Nevada. For the project-to-date (“PTD”) there has been a weekly average of 645
construction workers, of which 73% have been residents of Nevada.
(c) The number of Qualified Employees employed by each Participant in the Project
and the total amount of wages paid to those persons:
Tesla and PENA began hiring Gigafactory operational workforces in Q1 2015 and Q2 2015,
respectively. As of the end of Q4 2015, Tesla and PENA have 232 and 40 Gigafactory
employees, respectively. Total Q4 wages paid to these employees were $ 3.3 million and $1.0
million by Tesla and PENA, respectively. For the PTD, cumulative wages were $6.6 million and
$2.6 million by Tesla and Panasonic, again respectively.
(d) For the Project, an assessment of whether the Participants in the Project are making
satisfactory progress towards meeting the investment requirements necessary to
support the determination by the Office that the Project is a Qualified Project:
In Q4 2015, Tesla reports an investment of $78 million, for a PTD investment of $310 million;
PENA reports an investment of $58 million for a PTD investment of $64 million; or a combined
PTD investment of $374 through year-end 2015. This total investment represents an estimated
57% increase from the reported Q3 2015 PTD total investment of $238 million.
On January 7th
, the Wall Street Journal reported Panasonic Corporation President Kazuhiro
Tsuga statement the company would spend up to $1.6 billion on the Tesla Gigafactory.
Based on the reported total investment and positive participant news, through Q4 2015 GOED
has determined Tesla is making satisfactory progress towards meeting the investment
requirements necessary to continue the support of the Project as a qualified project.