Tesla factory in Texas will see $10 billion investment over time: Elon Musk

Tesla factory in Austin is all set to be the electric vehicle-making company's largest and most ambitious plant anywhere in the world with CEO Elon Musk confirming that the Texas facility will see an investment of $10 billion over a period of time.

Tesla has already moved its HQ from California to Texas and the plant in Austin is claimed to now become the biggest hub for the American company anywhere in the world. In a tweet, Musk revealed even bigger plans. "Giga Texas is a $10B investment over time, generating at least 20k direct & 100k indirect jobs."

Tesla had previously said that the Austin plant would generate 10,000 jobs but the figure now is double of that, according to Musk. Located in Travis County, the facility will have general assembly, paint, casting, stamping and body shop facilities here. The facility is also being touted as the largest building in the world and will be 1.21 km long while being completely powered by renewable energy. 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.

Construction of most of the key facilities here is likely to be completed within this year and Tesla is expected to receive nearly $65 million in local tax rebates.

A number of key Tesla models will be manufactured at the Austin plant like Model 3, Model Y, Cybertruck and Tesla Semi. With a keen eye on pushing volumes higher still, Musk knows that increased production could potentially help his company either maintain or even expand its dominance in the world of electric vehicles even as rivals reveal their dogged determination to catch up.