Tesla Inc TSLA CEO Elon Musk said on Thursday Giga Texas would, over time, draw $10 billion in investments and generate at least 20,000 direct jobs.
What Happened: Musk replied to a Twitter post revealing the large investment and employment capabilities that the upcoming Giga Texas can deliver once it starts operations.
Giga Texas is a $10B+ investment over time, generating at least 20k direct & 100k indirect jobs
— Elon Musk (@elonmusk) December 16, 2021
Musk added that Giga Texas could churn more than 100,000 indirect jobs over time.
Tesla aims to wrap up construction at Giga Texas by Dec. 31 and get the manufacturing facility up and running in the initial phase.
The electric vehicle maker has spent about $1.06 billion in the facility spread over 2,481 acres.
See Also: Tesla Estimates $1B Costs In Giga Texas Construction, Targets Year-End Completion
Why It Matters: Giga Texas is key to Tesla’s growth plans as it is expected to more-than-double capacity when fully operational. Tesla can currently make 500,000 electric vehicles a year at its Fremont factory in California.
Tesla aims to build the Cybertruck and the Semi at the Giga Texas. It would also make the Model 3 and Model Y electric cars at the site.
Musk has previously said Tesla aims to start limited production of its Model Y mid-size SUV at the Giga Texas this year and achieve volume production next year.
Besides Giga Texas, Tesla is also expecting to complete the construction of an upcoming Giga factory in Berlin by the end of the year.
Musk had in October at the company’s annual shareholder meeting said Tesla is moving its headquarter to Austin, Texas.
Price Action: Tesla shares closed 5.03% lower at $926.92 a share on Wednesday.
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