Work begins on $1.1B Tesla plant in Austin, Texas

Dive Brief:

  • Tesla paid $97 million for two,000 acres of land near Austin, Texas, in accordance to the Austin Business Journal, wherever it’s setting up a $one.one billion factory that will create the manufacturer’s new Cybertruck.
  • Elon Musk announced Austin as the web-site of the factory in late July, but do the job reportedly started on the web-site a several times previously than the announcement.
  • Texas Gov. Greg Abbott informed CNBC that Musk chose Austin because he preferred additional “freedom” than some places like California would offer you him. Musk chose Austin around runner-up Tulsa, Oklahoma, in an announcement on July 22, even just after the town painted an legendary statue to resemble Musk. 

Dive Insight:

In accordance to the Austin Business Journal, the land deal was finalized July 31, when Colorado River Venture LLC, a Tesla entity, obtained the assets from TXI Operations LP, an entity that is linked

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