Tesla, a US-based electric vehicle and alternative energy company, is planning to build a new gigafactory in Austin, Texas with an investment of $1bn.
The new electric vehicle manufacturing facility is planned to be located in eastern Travis County.
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Upon completion, the factory is expected to become one of the world’s largest and most advanced automotive plants.
The proposal was welcomed by the Opportunity Austin, the Greater Austin Chamber of Commerce’s five-county economic development initiative.
Opportunity Austin aims at strengthening job-creating investment in the five-county Central Texas region.
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Opportunity Austin chair Gary Farmer said: “Tesla’s decision to locate its newest Gigafactory in Austin will expand and enhance our innovative culture while also providing new and exciting career opportunities for all segments of our Central Texas workforce.
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By GlobalData“The company’s pioneering spirit and advanced manufacturing technologies will be instrumental in our region’s economic recovery and our sustainable growth for the longer term.”
Tesla expects the new manufacturing plant to create 5,000 direct jobs across, and generate millions in tax revenue for the local and state governments annually.
Travis County Judge Sam Biscoe said: “In addition to the 5,000 new jobs and $1 billion facility investment, Travis County has been able to take a tract of land that paid $64,000 in tax revenue over 10 years and turn it into a tract that will pay $8 million in tax revenue during the same period.”
Commenting on Tesla’s move, Texas governor Gregory Wayne Abbott said: “Tesla is one of the most exciting and innovative companies in the world, and we are proud to welcome its team to the State of Texas.
“Tesla’s Gigafactory Texas will keep the Texas economy the strongest in the nation and will create thousands of jobs for hard-working Texans.”
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Tesla’s headquarters in Palo Alto in California, US. (Credit: WindellOskay from Sunnyvale, CA, USA/Wikipedia)
