Tesla pours more than $ 1 billion into its new Gigafactory in Texas, Elon Musk’s new home base

Author: | Posted in World News No comments

Getty pictures.

Getty pictures.

  • Construction of Tesla’s new plant in Austin, Texas, began last summer.
  • Reports to Texas authorities showed that the electric car company will spend over $ 1 billion on the project.
  • The project is expected to create 10,000 jobs.
  • For more stories go to www.BusinessInsider.co.za.

Tesla is pouring more than $ 1 billion into its new one Gigafactory in Texas which is expected to be completed by the end of this year.

Construction applications to the Texas Department of Licensing and Regulation showed that the electric car company would spend $ 493 million for the General Assembly section and $ 182 million for the body shop. The construction of the facilities for these sections, together with the facilities for paint, casting and stamping, will be completed by 31 December, according to the documents. The five facilities cost a total of $ 1.06 billion.

Electrek first reported the notifications.

The company is expected to receive nearly $ 65 million in local tax rebates for the plant and the project is expected to create 10,000 jobs, according to Reuters.

The factory in Texas comes as Tesla – like many other companies in the technology sector, including technology giants Oracle and Hewlett Packard Enterprise – will move its headquarters from the San Francisco Bay Area to Texas.

“Gigafactory Texas is progressing as planned,” Tesla said a shareholder slide deck last month. “We are putting equipment into operation and manufacturing our first pre-production vehicles.”

Tesla also has factories in California, Nevada and Shanghai and is building a factory near Berlin, Germany.

Gigafactory’s completion follows Tesla founder Elon Musk’s move to Austin. Musk announced that he had left California by December 2020, after several months of fighting with the state over the policy of the coronavirus, but many speculated that Texas’ lack of state income tax played a major role in his decision.

Musk is reportedly close to selling the last of his properties in California – a 47-acre property in Hillsborough, near San Francisco – and has moved to a $ 50,000 prefab small home.

Get the best of our site emailed to you every weekday.

Go to Business Insiders front page for more stories.

Add Your Comment

Your email address will not be published. Required fields are marked *