Tesla Is Pouring $1 Billion Into Its Texas-Based ‘Gigafactory’

Tesla Is Pouring $1 Billion Into Its Texas-Based ‘Gigafactory’

Tesla is pouring over $1 billion into its new “Gigafactory” in Austin, Texas.

Earlier this year, Tesla CEO Elon Musk announced that the automaker would move its headquarters from California to Texas, largely because of housing affordability issues faced by employees.

According to CNBC’s review of Texas Department of Regulation filings:

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Tesla plans to spend at least $1.06 billion on what the company calls a “Gigafactory” that will produce the company’s forthcoming electric pickup truck, Cybertruck, as well as Model 3 and Model Y vehicles.

The permits show that Tesla’s previously announced expansion next to the Colorado River remains on track to start producing vehicles in the near future and that the company is investing a substantial amount of capital at the 2,000-acre facility…

The Texas filings, dated Nov. 19,

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