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Tesla Texas ‘Gigafactory’ will cost at least $1.06 billion: filings

Elon Musk, Tesla CEO, stands within the foundry of the Tesla Gigafactory throughout a press occasion. year.

Patrick Pleul | image alliance | image alliance | Getty Images

Tesla will spend over $1 billion on a brand new automobile manufacturing facility in Austin, Texas, and goals to finish development of a number of main parts of the advanced by Dec. 31, based on development filings with 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 forthcoming electrical pickup truck, Cybertruck, in addition to Model 3 and Model Y automobiles.

The permits present that Tesla’s beforehand introduced growth subsequent to the Colorado River stays on monitor to start out producing automobiles within the close to future and that the company is investing a considerable quantity of capital at the two,000-acre facility.

The manufacturing facility can be an essential image for the company after it introduced plans to maneuver its headquarters from California to Texas in October. The Travis County, Texas, facility was first introduced in 2020.

“Gigafactory Texas is progressing as planned,” Tesla stated in a shareholder slide deck in October. “We are in the process of commissioning equipment and fabricating our first pre-production vehicles.”

Tesla’s Texas Gigafactory is below development.

Tesla

The Texas filings, dated Nov. 19, present that Tesla began development in Sept. and Nov. 2020 on services meant for physique work, stamping, casting, portray, and full automobile meeting at the plant, which will have greater than 4.2 million sq. toes of area.

Tesla additionally operates factories in California, Nevada, and Shanghai, and is presently within the means of developing a plant close to Berlin.

Tesla beforehand stated it deliberate to spend $1.1 billion on the Texas plant in conferences with native officers and acquired tax breaks price a minimal of $14.7 million.

Austin Mayor Steve Adler stated in October that Tesla “fits right in” to town and area. Tesla plans to make use of “thousands” of workers at the plant.

“We’re going to make it a factory that is going to be stunning; it’s right on the Colorado River. So we’re actually going to have to have a boardwalk over you, hiking, biking trail. It’s going to basically be an ecological paradise,” Musk stated in 2020.

Electrek previously reported on the filings. Tesla did not return a request for remark.

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