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Land for Lucid Motors Arizona factory will reportedly be paid by tax payers
Officials in Pinal County, Arizona are considering ways to raise the money needed to purchase 500 acres of land near the city of Casa Grande where Lucid Motors intends to build its $700 million electric car factory. The proposed manufacturing facility was the subject of a high profile press event earlier this month that featured Arizona governor Doug Ducey. All parties acknowledge Ducey was a key player in landing the project for the state of Arizona.
There is only one problem with the deal — the taxpayers of Arizona are expected to pay for the purchase of the land and contribute a significant amount of money to help it get the factory built and operational. When and if everything goes as planned, the factory is expected to create 2,000 jobs in an area where many are unemployed or underemployed.
The land itself will cost $31.8 million, Financing the purchase over 30 years will add another $41.6 million, but Pinal County spokesperson Joe Pyritz says the plan is to lease the land after is is purchased (presumably to Lucid Motors, although the county is not allowed to say so for the record) and then sell it at the end of 5 years. That arrangement would cap the total cost of the deal at $35 million. The sale price is expected to equal the total outlay made by the county for principal and interest.
However, first someone has to actually buy the land. County supervisors will meet in January to consider how to do that. The leading proposal is to finance the purchase by raising property taxes or imposing a countywide sales tax surcharge. Pyritz says if the supervisors decide on a tax increase, the new tax would only cover the land deal and would end once the tax funding reimburses the county for the purchase cost.
Lucid will get other sweeteners to bring its business to Pinal County. The project involves what the Phoenix New Times calls “a significant amount of corporate welfare.” Lucid Motors will be eligible for up to $46.5 million in various subsidies offered by the state through the Arizona Commerce Authority over the next five years. Those subsidies will be coupled with certain performance targets.
The subsidies include:
- $5 million in grant money over five years, dependent on meeting specified job-creation and capital-investment milestones.
- $1.5 million in grant money for job training. The company would pay for the cost of training employees and the state would reimburse 75 percent of the cost over two years.
- $40 million in refundable tax credits under the Qualified Facility Tax Credit Program the legislature created in 2012.
Susan Marie, spokeswoman for the Arizona Commerce Authority is quick to point out that the total amount is far less than the $335 million in tax credits promised to Faraday Future or the $1.3 billion in similar credits promised to Tesla Motors by the state of Nevada.
Lucid revealed its 1,000 horsepower proposed production car — the Lucid Air — last week. The 4 door sedan is said to have up to a 135 kWh battery capacity and capable of driving 400 miles per single charge. The result is something that tops Tesla’s flagship Model S P100D and by a considerable margin. Does that mean Lucid will win customers away from Tesla?
That’s unlikely. Granted that Lucid may have an edge in some areas, it lacks a charging infrastructure. Without something comparable to Tesla’s Supercharger network while having no brand recognition, peeling customers away from Tesla will be a lot harder than just offering a larger battery. But first, Lucid needs to build a factory. That first step is far from guaranteed despite lofty promises form the company.
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BYD executive VP Stella Li calls for Tesla team-up against ICE vehicles
“Our common enemy is the internal combustion engine car. We need to work together… to make the industry change,” the executive stated.
Stella Li, executive vice president of China’s leading electric vehicle maker BYD, noted that the Chinese automaker is willing to work with Tesla to battle combustion-powered cars.
The executive’s comments came as BYD and Tesla vie for supremacy in the global EV market, with both companies pushing aggressive innovation to capture consumer demand.
BYD exec’s comments:
Speaking to the Financial Times at a BYD showroom in London, Li noted that BYD would “work together” with Tesla to combat ICE vehicles. “Our common enemy is the internal combustion engine car. We need to work together… to make the industry change,” she stated.
She also stated that Beijing is “more open” to sharing innovations with foreign companies, even if there are rising trade tensions in Europe and the United States. “(The) Chinese government is more open, so maybe there is a lot of wrong perception here,” she noted.
China’s EV adoption:
Li emphasized the strength of China’s EV adoption as a model for the industry. She also expressed some confidence amidst the apparent slowdown in the global EV sector.
“Why are people still choosing the EV? Because it’s a better car, a smarter car… and it’s higher quality,” she stated.
Autonomous driving efforts:
BYD and Tesla’s efforts to make headway into the EV sector is highlighted by the two companies’ efforts to roll out a dedicated autonomous driving system to its domestic vehicles in China. Last month, BYD announced its “God’s Eye” self-driving system across most of its models in China at no additional cost.
Tesla, for its part, has pushed its first vision-based Full Self-Driving (FSD) features to the Chinese market. Early reviews of Tesla’s FSD features in China have been positive, with numerous users praising the system for its capability to traverse public roads without much issues.
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Hyundai seeks to expand EV sales in Europe with new Türkiye plant
With a new EV plant in Türkiye, Hyundai is charging toward 100% zero-emission vehicle sales in Europe by 2035.
Hyundai seeks to expand its electric vehicle (EV) sales in Europe with a plant in Türkiye.
The South Korean automaker’s new Izmit plant in Türkiye is expected to strengthen Hyundai’s production capacity while reducing its carbon footprint. The new plant will produce electric models alongside the internal combustion engine (ICE) cars it is currently building.
Production at Hyundai’s Izmit plant will support the company’s need to meet the European market’s demand for sustainable automobiles. The Izmit plant will likely boost EV production in Europe, along with Hyundai’s manufacturing plant in the Czech Republic. It will also get Hyundai one step closer to offering only zero-tailpipe emission vehicles in Europe by 2035.
Hyundai Motor Türkiye, formerly known as Hyundai Assan Otomotiv Sanayi, has been the company’s longest-serving overseas production hub outside of South Korea. It has produced over 3 million vehicles in more than 28 years. Hyundai’s overseas hub has built a network of over 50 local suppliers in Türkiye. Over 55% of the Izmit plant’s vehicle components are domestically manufactured.
News
Multiple Tesla Superchargers allegedly set on fire in MA
The case falls under the Arson Watch Reward Program, which offers up to $5,000 for information that solves, prevents, or detects arson crimes.
Multiple Tesla Supercharger stations were allegedly set on fire in Massachusetts (MA). The preliminary investigation into the Tesla charging station fires concluded they were “intentionally set.”
On Monday at approximately 1:10 a.m., the Littleton Police Department in Massachusetts received reports of fires at a Tesla Supercharger station in The Point Shopping Center.
“Responding officers observed that several Tesla charging stations were engulfed in flames and heavy, dark smoke,” noted the Littleton Police Department.
Police contacted the Littleton Electric Light & Water Department and requested to shut down power at the affected Tesla Supercharger stalls. However, before the electric light and water department could arrive, a new blaze started at another Tesla Supercharger.
After the flames were extinguished the fire at seven Tesla Supercharger stalls, a preliminary investigation started. No injuries were sustained in the fires. Tesla responded, stating that it will replace all the posts and wires at the station in less than 48 hours. The Littleton Police Department started a preliminary investigation into the Tesla Supercharger fire.
“Littleton Police and Fire Departments and the Massachusetts State Police Fire and Explosion Investigation Unit attached to the State Fire Marshal’s Office are investigating and have determined that the fire appears to have been intentionally set.”
The case falls under the Arson Watch Reward Program, which rewards up to $5,000 for information that solves, prevents, or detects arson crimes.
BYD executive VP Stella Li calls for Tesla team-up against ICE vehicles
Hyundai seeks to expand EV sales in Europe with new Türkiye plant
Multiple Tesla Superchargers allegedly set on fire in MA
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