Tesla will spend over $1 billion on a new vehicle factory in Austin, Texas, and aims to complete construction of several major elements of the complex by Dec. 31, according to construction filings with the Texas Department of Regulation reviewed by CNBC.
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 factory is also an important symbol for the company after it announced plans to move its headquarters from California to Texas in October. The Travis County, Texas, facility was first announced in 2020.