Tesla’s $1 Billion Gigafactory Proves Everything Is Bigger in Texas
Tesla’s new Gigafactory in Austin, Texas is the biggest space the electric automaker has ever occupied. What does this mean for the future of tech companies in the Lone Star state?
Tesla
spent 2020 searching for the next location for its new headquarters and manufacturing hub before eventually settling on Austin, Texas
. Previously headquartered in Palo Alto, California
, Tesla CEO Elon Musk looked to the Lone Star State with its wide-open spaces as the perfect new home base for the electric automakers’ operations. There are a few reasons Musk chose Texas for the Tesla Gigafactory. For one, the company had simply outgrown its California factory. A relocation to Texas also offered a cheaper cost of living, low state taxes, affordable housing, and room to build. Tesla has other operations in Nevada, Shanghai, and Berlin. So what makes the new Austin GIgafactory so special?
The Tesla Gigafactory in Austin, Texas is truly massive
Tesla appears to be taking advantage of all that Texas has to offer, as the new Gigafactory is expected to be one of the largest building in the world. Just a few shots have been taken of the massive building. According to Tesla’s
website
, the factory covers 2,500 acres and includes a 10 million square foot factory floor. The factory itself will be almost a mile long.What is Tesla planning to do with all of this space?
Home of the new Cybertruck
With the completion of the new Tesla Gigafactory in Austin, the company also plans to finally complete the production of the much-anticipated ultra-futuristic Cybertruck.
After years of delays, Musk promised to finally
release the Cybertruck in 2023
, which will be Tesla’s most powerful model to date. The Cybertruck is purported to have a range of 500 miles on a single charge, go from 0 to 60 in 2.9 seconds, and haul 14,000 lbs. The Gigafactory will also be a manufacturing hub for popular models like the Model 3 and Model Y. So far, Tesla has invested over $1 billion in the new factory.
The Tesla Gigafactory brings tech to Texas
Tesla and its Gigafactory aren’t the only tech company moving out to Texas, but it will be the biggest one yet. The facility is anticipated to create over 5,000 jobs in its first four years of operation and is already hiring for some roles.
While Texas was chosen in part for its affordability, real estate prices in the Austin area have been steadily climbing, even before Tesla’s announcement.
Local media estimates that the average real estate in the facility zip code has seen a price spike of around 40%. This
could be in response to the increased presence of tech companies, like Tesla, in the area.
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