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Tesla Inc.’s newest gigafactory (NASDAQ: TSLA) will be built near Austin, Texas, the company’s leading executive, Elon Musk, showed in a quarterly effects call on Wednesday.
The production facility, mainly intended for the company’s all-electric pickup vehicle, the Cybertruck, will be built on a vast 2,000-acre domain, Musk said in the call, as reported in the past through CNBC.
Tesla’s top plant will be 15 minutes from downtown Austin and will also manufacture the automaker’s Semi, Model 3 and Model Y cars for eastern North America, the billionaire entrepreneur added.
Musk, who called the next plant an “ecological paradise,” revealed, “We’re going to turn it into a plant that’s going to be mind-blowing, right on the Colorado River. So we’ll have to take a walk on you, a hike, a motorbike ride. It will be an ecological paradise.”
Texas Gov. Gregg Abbott welcomed the development and said, “The Tesla Gigafactory in Texas will be the most powerful Texas economy in the country and create thousands of jobs for hard-working Texas.”
Tesla in the past would have targeted Texas and Oklahoma to build the production plant. Last week, Travis County, where the new plant would be located, introduced the automobile manufacturer $1.1 billion in tax breaks.
The automaker is recently assembling all of its American cars at a single plant in Fremont, California.
Tesla reported a wonderful profit in the current quarter, with adjusted earnings of $2.19 consistent with the stake. This is the fourth consecutive quarter beneficial to the automaker, consistent with a commitment to enter the S-P500 index.
ARK Invest analyst Tasha Keeney told Benzinga’s PreMarket Prep that its bullish value target for Tesla from $15,000 through 2024 is based on outdoor profit opportunities from auto sales.
Tesla’s shares closed with a rise of $1.5% to $1592.33 on Wednesday and added an additional 4.1% in the out-of-hours session.
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