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Tesla Texas ‘Gigafactory’ to cost at least $ 1.06 billion: deposits

Tesla CEO Elon Musk stands in the foundry of the Tesla Gigafactory during a press event. year.

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Tesla will spend more than $ 1 billion on a new vehicle plant in Austin, Texas, and aims to complete construction of several major components of the complex by Dec. 31, according to construction records from the Texas Department of Regulation reviewed by CNBC.

Tesla plans to spend at least $ 1.06 billion on what the company calls a “Gigafactory” that will produce the company’s next electric pickup, Cybertruck, as well as Model 3 and Model Y vehicles.

The permits show that Tesla’s previously announced expansion alongside the Colorado River remains on track to begin producing vehicles in the near future, and that the company is investing a substantial capital in the 2,000-acre facility.

The plant is also an important symbol for the company after announcing plans to move its headquarters from California to Texas in October. The Travis County, Texas facility was first announced in 2020.

“Gigafactory Texas is progressing as expected,” Tesla said in a shareholder slideshow in October. “We are in the process of commissioning equipment and manufacturing our first pre-production vehicles. “

Tesla’s Texas Gigafactory is under construction.

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Documents filed in Texas, dated November 19, show Tesla began construction in September and November 2020 of facilities for bodywork, stamping, casting, painting and assembly of complete vehicles. in the factory, which will have more than 4.2 million square meters. feet of space.

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

Tesla previously said he planned to spend $ 1.1 billion on the Texas plant in meetings with local officials and received tax breaks worth at least $ 14.7 million.

Austin Mayor Steve Adler said in October that Tesla “fits right in” with the city and region. Tesla plans to employ “thousands” of employees at the plant.

“We’re going to turn it into a factory that’s going to be magnificent; it is right on the Colorado River. So we’re going to have to have a walk above you, a hiking trail, a cycle trail. ecological paradise, ”Musk said in 2020.

Electrek previously reported on deposits. Tesla did not return a request for comment.

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