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December 19, 2013 AT 12:26 AM
Tesla Motors is gearing up for increased production over the next few years with the aid of healthy tax breaks from its home state of California. It will reportedly save the company as much as $34.7 million on the purchase of $415 million of new manufacturing equipment and would allow Tesla to expand annual production by 35,000 vehicles. California ordinarily taxes the purchase of manufacturing equipment, but grants exemptions for clean technology companies in order to stimulate growth.