Tesla Gets $1.1B Tax Break Approval From Travis County, Texas

The Cybertruck is Tesla Inc's TSLA most polarizing vehicle to date. The company is looking for the perfect place to build a new factory to manufacture the futuristic pickup, and it has approved for huge tax breaks in Travis County, Texas, according to CNBC.

After having the Fremont factory shut down due to the COVID-19 pandemic, Elon Musk went on a rant, complaining of the factory's location. He then talked about new factory locations, specifically in Texas. This lead to the hunt for a new factory, with benefits, to build the Cybertruck.

See Also: Elon Musk To Bring Tesla Cybertruck On Cross-Country Drive

The spot where Tesla would build the factory is known as the Austin Green development. Tesla still has to actually purchase the land, but now the company knows the benefits of building in Travis County, and other spots in the country that want Tesla's factory can decide what offers they would like to give.

Benzinga's Take: While the initial reaction to the Cybertruck was mixed, it seems Tesla could have a hit on their hands. These tax benefits will help Tesla build its factory, but also ultimately benefit the citizens and county by bringing jobs and infrastructure. Tulsa, Oklahoma is also in the running for a potential spot for a future Cybertruck factory.