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Musk says Tesla’s Texas factory is $10 billion investment over time -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Elon Musk talks to Hawthorne in California on December 18, 2018, by Robyn Beck/Pool Robyn Beck/Pool via REUTERS//File Photo

(Reuters) – Tesla Inc (NASDAQ) Chief Executive Officer Elon Muss said Thursday that Tesla’s Austin factory would need to be financed with more than $10 million over the life of its current lease.

Last month’s public filings revealed that the company planned to invest more than $1B on the factory, and would complete the construction before the end of the year.

In a tweet on Thursday, Musk said “Giga Texas is a $10B+ investment over time, generating at least 20k direct & 100k indirect jobs.”

Tesla has not yet responded to our request for additional details about the tweet. Tesla previously stated that the factory would provide 10,000 job opportunities.

Local tax rebates are expected to net the company nearly $65 Million for this plant.

Tesla stated earlier in the month that its California headquarters had been moved to Austin.

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