Tesla nabs $65 million tax break to build Cybertruck factory in Austin.
Tesla nabs $65 million tax break to build Cybertruck factory in Austin
(via PCMag)
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Tesla is officially moving into Austin's Silicon Hills. Following a months-long search for a Cybertruck factory location, CEO Elon Musk this week announced the change of address during the firm's second-quarter earnings call.
Musk wasted no time breaking ground on the $1.1 billion vehicle factory, according to The Verge. Construction is "already underway" in the Texas capital, Musk said during Wednesday's teleconference. "It started this weekend."
The electric vehicle maker currently runs only one manufacturing plant in Fremont, Calif. (which reopened in May despite local shelter-in-place orders). But Musk has long been eyeing a second location somewhere in the southwestern U.S. He got his wish—and tens of millions of dollars in tax breaks—when the central Texas county approved a development plan. According to Reuters, a majority of Travis County commissioners voted in favor of giving Tesla a tax rebate of at least $14.7 million. Add to that a $50 million incentive from the Del Valle school district (which includes the proposed factory site) and you've got nearly $65 million in savings.
The Cybertruck factory—also slated to assemble Model Y and Model 3 cars, as well as the Tesla Semi—is expected to create some 5,000 jobs, mostly low-skilled, Reuters reported. The average salary will be roughly $47,000, considered low by the county's health and human services division.
Tulsa, Okla., unsuccessfully campaigned for the company to build its fourth U.S. factory in the Sooner State; alongside the California plant, Tesla operates a battery factory in Nevada and solar mill in New York. It recently opened a workshop in Shanghai, and is building another outside Berlin.
This article originally published at PCMag here
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Great for Texas. (opinion) Ocala Fl, Dunnellon Fl , Morriston Fl would be a good place for Tesla to buy Property to build a Factory also. 🇺🇸 🇺🇸 🇺🇸 🇺🇸
ReplyDeleteThis truck will out sell f150 by 2024
ReplyDeletehttps://media1.tenor.co/images/def752320d7106dcb515c7d44f6d79e4/tenor.gif?itemid=12005301
What good will a truck do looking like that!
ReplyDeleteRemember Elon Musk accident broke the Tesla truck side window at the show.
ReplyDeleteYa know, I just watched the original "Total Recall" Movie yesterday (again) and noticed that this truck looks EXACTLY like a vehicle I seen in that movie. Hmmmmmmm.
ReplyDeleteToo bad he chose Austin? There are lots of better places to go here..
ReplyDelete$$ offered matter. unfortunately, none apart from tesla is going to earn on it. statistics shows that majority of the time companies with such tax breaks brings nothing in return, and only shift a population for the time being, to move a factory elsewhere when they get another good offer, leaving the very same place with lots of jobs lost.
DeleteWill they use electric trucks while setting up the factory?
ReplyDeleteonly blind will buy this truck :D
ReplyDeleteIt would be such a mistake to build in Texas. Their mishandling of the pandemic of just one example of how dysfunctional that state is.
ReplyDeleteTexas won't allow the foolish, job-destructive taxing policies of CA and other socialist leaning states. Also throw business friendly people and government and rational environmentally policies. Simple economics long term equal to Tesla success, more good jobs in Texas, win-win!
DeleteAustin's Del Valle school district also approved a $50 million tax break, which would cut Tesla out of funding local schools.
ReplyDeleteThis just pushes the $50 million onto Tesla's new employees in the form of higher residential property taxes.
Tesla in Tulsa. It’s perfect. Pass on Texas.
ReplyDeleteI didn't think Teslas went vroom, vroom, vroom.
ReplyDeletethey go panel gap, panel gap, panel gap.
DeleteYou mean car gap, car gap, car gap when it leaves you sitting at the lights.
DeleteTexas is a good place if Californias aren’t ruining it with their liberalism.
ReplyDeleteGov: We dont have money to help the poor, the elderly, the homeless, the sick, ect.... cause we have to give it to a billionaire whos telling other poor people to build a truck for him so he can get even richer.
ReplyDeleteStay Classy 'Merica. ✌
People from Cali and Chicago love to move to Texas lol
ReplyDeletechosen to be closer to Eastern Markets.
DeleteSame weather but without the insane politics and taxes. Texas has a much more business friendly environment.
Deletemore people from those states are moving to places like Texas and Florida than the other way around.
DeleteOr maybe you should watch the saying people in glass houses shouldn't throw rocks or maybe that's the sign of what will come to him
ReplyDeleteWon’t be the last, all to produce oversized lithium tanks.
ReplyDeleteWhy do they need tax breaks? :I
ReplyDeleteexactly but no one will give a break to the students in debt
DeleteTax break for the multimillionaire, funny. Btw students loan why isn't the government help them
ReplyDeleteNew mothan eh friend
ReplyDeleteTrumps only way he could keep Tesla in the US. Paying people off like usual
ReplyDelete