Tesla will spend more than $1 billion on its new factory in Austin, Texas and hopes to finish construction before the end of the year.
In filings submitted to the Texas Department of Licensing and Regulation (TDLR), the electric car manufacturer said it is planning to finish construction of the general assembly, paint, casting, stamping, and body shop facilities by December 31. These filings added that these five facilities will have a combined square footage of almost 4.3 million and cost a combined $1.06 billion.
Documents uncovered by Electrek reveal that the body-in-white facility has a budget of $182 million while the budget for general assembly sits at $493 million. The budgets for the paint, casting, and stamping facilities sit at $126 million, $109 million, and $150 million respectively.
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The Tesla Model Y will be the first model produced at the factory but the site will also handle production of the Model 3, Cybertruck, and Semi when it is fully operational. Tesla has said that the factory has the capacity to build as many as 500,000 Model Ys annually.
Tesla began construction of the Texas site during the summer of 2020. Reuters reports that the automaker is expected to receive nearly $65 million in local tax rebates for the factory and will create 10,000 jobs, most of which will be low-skilled.
This isn’t the only factory that Tesla is constructing. The world’s most valuable automaker is also building a Gigafactory in Berlin, Germany that will also build the Model Y.