Missouri City Offers Tesla $1 Billion of Incentives for Cybertruck Plant

Joplin, Missouri, is offering Tesla $1 billion in incentives and savings to locate a new factory for the Cybertruck there.
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The city of Joplin, Missouri is offering Tesla  (TSLA) - Get Report $1 billion of incentives and savings to build a new factory for its Cybertruck there.

The website "Choose Joplin" has been created to entice the Palo Alto, Calif., electric- vehicle maker. 

Among other things, Joplin is offering a 50% discount on a 1,042 acre site; 100% tax abatement for 12 years; state and local sales tax exemptions; and over $75 million in annual payroll savings.

Toby Teeter, president of the Joplin Area Chamber of Commerce, went on Twitter Monday to speak directly to Tesla Chief Executive Elon Musk on the city's behalf.

"@elonmusk Joplin is offering a $1 BILLION package of incentives and savings to land @Tesla's new #gigafactory that will manufacture batteries and #Cybertrucks. Tesla should #ChooseJoplin, the home of battery technology," Teeter wrote.

Musk last month said on Twitter that the company was scouting locations to build the Cybertruck somewhere in the central U.S. 

Musk said the new factory would also make Model Y crossovers for customers on the East Coast.

Tesla did not immediately respond to a request for comment.

Tesla introduced the Cybertruck in November, an unveiling that garnered some unwanted attention when the vehicle's purportedly shatterproof and bulletproof windows were shattered in a test to show durability. 

The vehicle went on to receive over 500,000 preorders in just three months.

The company has sought rent reductions from some of its landlords as it looks to preserve cash after the electric-vehicle company's operations were stalled by the coronavirus outbreak, The Wall Street Journal reported.

Credit Suisse on Tuesday upgraded Tesla's stock to neutral from underperform.

At last check Tesla shares were nearly 10% higher above $715.