Elon Musk-led Tesla Inc TSLA is nearing the completion of the first phase of Gigafactory Texas, as per public filings with the Texas state agency seeking approval for the project, Electrek first reported.
What Happened: Tesla is rushing to complete construction of general assembly, paint, casting, stamping and body shop facilities at Giga Texas by Dec. 31 and get the manufacturing facility up and running. The five facilities would be spread over 4.3 million space and Tesla estimates to spend about $1.06 billion combined on the construction.
Musk had in October at the company’s annual shareholder meet said Tesla is moving the headquarter to Austin, Texas.
Why It Matters: Tesla currently has two Gigafactories under construction — Texas and Berlin — both of which it aims to complete before the end of the year. Giga Texas has been under construction since July 2020.
Tesla aims to abuild the Cybertruck and the Semi at the Giga Texas. It would also make the Model 3 and Model Y electric cars at the site.
Musk has previously said Tesla aims to start limited production of its Model Y mid-size SUV at the Giga Texas this year and achieve volume production next year.
Price Action: Tesla stock closed 1.74% higher at $1,156.87 a share.
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