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June 19, 2020 12:45 am

Tesla Acquires $5 Million Worth of Land Outside Austin To Build 'Cybertruck Gigafactory'

Tesla is acquiring $5 million worth of land outside of Austin, Texas to build its new factory. CEO Elon Musk refers to it as "Cybertruck Gigafactory" because it will be where Tesla produces its new electric pickup truck. Electrek reports: Last month, Electrek exclusively reported that Tesla's next factory is going to be in Austin. After our report, Tesla leaked that Tulsa, Oklahoma, was still in the running, but we were able to confirm that Tesla was already set to build in Austin, and it plans to move fast with hope to have a general assembly line for Model Y in Texas by the end of the year. Now we've learned that Tesla is buying a 2,100-acre piece of land (pictured above) just outside Austin to build the factory. The land is currently occupied by a sand and gravel mining site, but Tesla is buying the location for just over $5 million which was revealed in an application with the Texas Comptroller's office. Electrek has learned that they have already started that process of relocation and Tesla's construction team is already getting ready to build on at this location, which is near the Austin airport. Yet, the purchase is not completely official until they secure approval from all the local authorities. The construction of the new Tesla factory is set to commence in Q3 of 2020 pending all approvals. Tesla is seeking approval from the local school district to forgive up to $68 million on its property tax bill over 10 years. It would be part of a wider incentive package with Travis County and the state.

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