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Elon Musk said Tesla's Gigafactory Texas expansion investment is more than a whopping $10 billion. It is also expected to add about 20,000 job opportunities in the future.
As per the report by Electrek, the Gigafactory in Austin, Texas is scheduled to kick off its first production of the Tesla Model Y in a few days.
It comes as the CEO and founder of the EV tech giant, Musk, previously hinted that the Gigafactory in Texas will start its production before 2021 comes to an end.
It is worth noting that the new factory of the EV maker is expected to double the production of the tech giant.
Currently, the production rate of the tech firm of Musk could only produce up to 500,000 vehicles in a year with its Fremont factory in California, wherein all of the EVs of Tesla in the United States are being assembled.
As such, the role of the Gigafactory is critical to the EV maker as it seeks to significantly increase its production rate when the Texas factory has already reached its full-blown output.
However, it would still take years for the Texas Gigafactory to do so. In the meantime, the new facilities would help produce more of the most sought-after Tesla EV, the Model Y.
With the Gigafactory still in its early phase, the billionaire boss of Tesla revealed that it will be a hefty project as it further develops into a full-blown production facility.
Not to mention that the factory will also be housing thousands of jobs, which will help ramp up the production of the Tesla EVs in the US.
The Tesla exec disclosed on Twitter that his EV firm plans to shell out a cool $10 billion investment to make the Gigafactory in Texas possible.
He added that by that time, the employment in the new facility would be about 20,000. On top of that, the billionaire exec also projects about 100,000 "indirect jobs."
According to the report by Business Insider, the construction filings of the EV tech giant with the Texas Department of Licensing and Regulation revealed that the firm has already spent more than $1 billion into the new facility.
It is interesting to note that the total combined cost from the filing only includes the first phase of the Gigafactory, which provides 10,000 new job opportunities.
That said, Tesla is slated to invest billions more of dollars to make its Gigafactory in Texas happen, which further increases the production output of the EV tech giant in the future.