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Tuesday, January 25, 2022

Elon Musk says that’s how much Tesla plans to spend on Giga Texas over time

CEO Tesla Inc. Elon Musk said Thursday that the Giga Texas will eventually attract $ 10 billion in investment and create at least 20,000 jobs.

What Happened: Musk responded to a Twitter post in which he talked about the big investment and job opportunities that the upcoming Giga Texas could provide once it goes live.

Musk added that the Giga Texas could create over 100,000 indirect jobs over time.

Tesla plans to complete construction on the Giga Texas by December 31st and start production at an early stage.

The electric car maker spent about $ 1.06 billion on the 2,481-acre facility.

Why it matters: The Giga Texas is key to Tesla’s growth plans, as its production capacity is expected to more than double when it reaches full capacity. Tesla can currently produce 500,000 electric vehicles a year at its Fremont, California plant.

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Tesla aims to build Cybertruck and Semi in Giga Texas. It will also produce Model 3 and Model Y electric vehicles locally.

Musk previously stated that Tesla intends to begin limited production of its Model Y midsize SUV at the Giga Texas this year and reach mass production next year.

In addition to Giga Texas, Tesla also plans to complete construction of the Giga plant in Berlin by the end of the year.

Musk announced at the company’s annual shareholders meeting in October that Tesla was moving its headquarters to Austin, Texas.

Written by Rahit Watts

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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