A $14.7 million deal has been secured by Tesla Inc!. if the electric vehicle making giant builds a new giga factory in Travis County, Texas.
Commissioners in Travis County, home to Austin and the possible next Tesla factory, yesterday approved a property tax breaks worth at least $14.7 million, over 10 years. The incentives are on top of $46.6 million in property tax abatement that the Del Valle School District Board approved earlier this month.
According to thestreet, under the terms of the deal, the amount of the tax incentives to Tesla could increase significantly if the company invests more than $1.1 billion in the manufacturing plant near Austin. Tesla has said the plant will employ 5,000 people, the Austin Statesman reported.
This shouldn’t appear as a breaking news to our readers, as it is something we have been talking about for sometime. If Tesla builds Giga Texas, the factory is expected to build the all-electric Cybertruck and the Model Y.
Tesla is presently building its first giga factory in Europe, in Berlin Germany. Once Giga Berlin is complete later this year or early next year, production of a revolutionary Model Y (Built for Europe roads) and Cybertruck is expected to start there next year.
Tesla is presently trading at $1,544.98 +28.18 (1.86%), before hours: 8:22AM EDT.