Tesla, a US-based electric vehicle and alternative energy company, is planning to construct a new US $1bn electric vehicle manufacturing plant in Austin, Texas. Upon completion, the factory is expected to become one of the world’s largest and most advanced automotive plants.
The new electric vehicle manufacturing facility which is planned to be located in eastern Travis County is expected to create 5,000 direct jobs across the state, and generate millions in tax revenue for the local and state governments annually. Furthermore, the company’s pioneering spirit and advanced manufacturing technologies will be instrumental in the region’s economic recovery and sustainable growth for the longer term.
Strengthening Texas economy
According to Travis County Judge Sam Biscoe, in addition to the 5,000 new jobs and US $1bn facility investment, Travis County has been able to take a tract of land that paid US $64,000 in tax revenue over 10 years and turn it into a tract that will pay US $8m in tax revenue during the same period.
On the other hand, Texas governor Gregory Wayne Abbott said that Tesla is one of the most exciting and innovative companies in the world, and his administration is 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,” he added.