AutoblogGreen

California Governor Arnold Schwarzenegger took to the podium today at Tesla's San Carlos, California facility to formally announce a new set of incentives for EV manufacturers to call Cali home. The crux of the address centered on the new CAEATFA program, approved last Wednesday, that exempts automakers from paying sales and use tax on manufacturing equipment used to build EVs. The program is expected to save automakers – and Tesla specifically – millions of dollars, and is largely in response to Tesla's original plan to produce its new sedan in New Mexico.

Tesla used the Governor's visit as an opportunity to formally announce its new "multi-use sport sedan," currently codenamed Model S, which is estimated to get 225 miles on a single charge and to cost around $60,000. However, Tesla did not announce when the sedan would go on sale, nor would it give any indication about where the new EV would be produced.

UPDATE: Official press release pasted after the jump.