Five highlights of Tesla factory in Texas worth over $1 billion

Tesla is making a massive investment of over $1 billion in its latest factory for electric vehicles, in Texas' Austin. As per reports in the US media citing construction filings, Tesla will spend at least $1.06 billion on its newest Gigafactory which would be the manufacturing hub of popular models like Model 3 and Model Y as well as the upcoming Cybertruck and Tesla Semi.

In recent times, Tesla has shifted its focus within the US from its home base of California to Texas where the upcoming factory will be built. In October, Tesla had announced plans of shifting its headquarter to the southern state even as it continues to operate facilities in California, Nevada and China's Shanghai.

But just why is the Tesla facility in Texas creating headlines time and again, and what could it mean for the EV giant?

Here are five big highlights of the upcoming Tesla facility in Texas:

1 The Tesla Gigafactory is expected to be the largest buiding in the world - 1.21 km long - while still being powered by renewable energy, primarily solar. The current structure has a footprint of more than 1.9 million square feet, which houses approximately 5.3 million square feet of operational space across several floors.

2 The Tesla facility is being constructed in Travis County and is located near Austin. The plan is to have general assembly, paint, casting, stamping and body shop facilities here and the construction of these are likely to be completed by the end of the current calendar year.

3 The Tesla facility in Texas is expected to create over 5,000 jobs over its initial four years of operation. The company has already been advertising position it wishes to fill.

4 Tesla is also expected to bring in bots for various specialized operations inside the Texas facility.

5 According to local media reports, real estate prices near where the Tesla facility is being constructed have gone up significantly in recent times. It is estimated that the zip code in which the facility is being developed has seen an average real estate price hike of around 40%.