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Gigafactory Texas
Gigafactory Texas is official! Tesla's Q2 earnings call has just kicked off and Elon Musk has just announced that the next gigafactory will be just outside Austin, Texas.
Gigafactory Texas will produce the Cybertruck and Semi for worldwide distribution, as well as the Model 3 and Y for the Eastern U.S. Construction of the new factory has already begun this past weekend.
The factory will encompass 4 to 5-million square footprint at a cost of $1.1 billion.
Musk thanked Tulsa and Oklahoma and noted on the call that he and the team were “super impressed” by the state and would consider it for a future site.
Tesla has promised Texas officials it will employ at least 5,000 people. About 25 of those workers are categorized as “qualifying” jobs and would be paid a minimum of $74,050, while the remaining would be middle income jobs with an annual salary of $47,147.
The Del Valle School District was the first to approve incentives for Tesla in a property tax abatement package worth $46.6 million. Commissioners in Travis County followed the district’s lead. The county approved July 14 property tax breaks worth at least $14.7 million — and potentially more — over 10 years.
Under terms of the agreement with Travis County, Tesla must invest $1.1 billion in the new factory within the first five years. In exchange, Travis County will rebate 70% of the property taxes Tesla will pay. Once Tesla’s investment in the factory eclipses that $1.1 billion mark, the property taxes rebates will increase to 75%. Any investments in the factory beyond $2 billion, will give Tesla 80% in property tax rebates.
Travis County has estimated that a $1.1 billion investment by Tesla would generated $8.8 million in new tax revenue over a 10-year period, a figure that takes into account the property tax rebates.
If Tesla fails to hit the investment goal or if its falls 75% short of its jobs requirement in any year, the company won’t receive any property tax relief. The county will also have the ability to recoup tax rebates if Tesla breaches its contract.
Together, Tesla will receive at least $61 million in property tax abatement. It’s possible that Tesla could receive more from the state.
New Compact Vehicle
Musk also said that a new compact vehicle is expected to join the lineup in the future.
Gigafactory Texas is official! Tesla's Q2 earnings call has just kicked off and Elon Musk has just announced that the next gigafactory will be just outside Austin, Texas.
"It's basically going to be an ecological paradise" that's open to the public, he says.
The [Gigafactory] location is five minutes from Austin International National Airport and 15 minutes from Downtown Austin. It’s about 2,000 acres.”
Gigafactory Texas will produce the Cybertruck and Semi for worldwide distribution, as well as the Model 3 and Y for the Eastern U.S. Construction of the new factory has already begun this past weekend.
The factory will encompass 4 to 5-million square footprint at a cost of $1.1 billion.
Musk thanked Tulsa and Oklahoma and noted on the call that he and the team were “super impressed” by the state and would consider it for a future site.
Tesla has promised Texas officials it will employ at least 5,000 people. About 25 of those workers are categorized as “qualifying” jobs and would be paid a minimum of $74,050, while the remaining would be middle income jobs with an annual salary of $47,147.
The Del Valle School District was the first to approve incentives for Tesla in a property tax abatement package worth $46.6 million. Commissioners in Travis County followed the district’s lead. The county approved July 14 property tax breaks worth at least $14.7 million — and potentially more — over 10 years.
Under terms of the agreement with Travis County, Tesla must invest $1.1 billion in the new factory within the first five years. In exchange, Travis County will rebate 70% of the property taxes Tesla will pay. Once Tesla’s investment in the factory eclipses that $1.1 billion mark, the property taxes rebates will increase to 75%. Any investments in the factory beyond $2 billion, will give Tesla 80% in property tax rebates.
Travis County has estimated that a $1.1 billion investment by Tesla would generated $8.8 million in new tax revenue over a 10-year period, a figure that takes into account the property tax rebates.
If Tesla fails to hit the investment goal or if its falls 75% short of its jobs requirement in any year, the company won’t receive any property tax relief. The county will also have the ability to recoup tax rebates if Tesla breaches its contract.
Together, Tesla will receive at least $61 million in property tax abatement. It’s possible that Tesla could receive more from the state.
New Compact Vehicle
Musk also said that a new compact vehicle is expected to join the lineup in the future.
"Reasonable to assume we will make a compact vehicle and a high capacity vehicle. A long way to go with 3, Y, CyberTruck, Semi." said Musk on the call.
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