Tesla Putting $1B Toward Texas Factory

It is expected to be .75 miles long.

Tesla plans to spend over $1 billion on a new vehicle factory in Austin, Texas.

The company expects to finish construction by the end of 2021, Reuters reports

Stretching three-quarters of a mile, the factory will feature five facilities for a total of approximately 4.3 million square-feet.

The vehicle manufacturer expects to receive about $65 million in local tax rebates for the factory. 

Tesla says about 10,000 jobs will be created, the majority of which will be low-skilled.

This comes as Tesla aims to begin limited production of its Model Y mid-size SUV this year and high-volume production in 2022. 

In October, Tesla announced the move of its headquarters from California to Austin.

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