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Tesla Picks Austin for its Next US Factory to Build Cybertruck, Semi Truck, Model Y

posted by chromas on Thursday July 23 2020, @10:33PM   Printer-friendly

upstart writes in with an IRC submission for RandomFactor:

Tesla picks Austin for its next US factory to build Cybertruck, Semi truck, Model Y:

Tesla has picked a site near Austin for its next U.S. factory, a 4- to 5-million square foot $1.1 billion plant that will assemble the automaker's futuristic Cybertruck, the Tesla Semi and the Model Y and Model 3 for sales to customers on the East Coast.

[...] Tesla CEO Elon Musk described the future factory as an "ecological paradise," with a boardwalk and bike lanes and where the public will be welcome. While tours have been offered at Tesla's Fremont, Calif., the campus is not open for the public to wander its grounds.

[...] Tesla has promised Texas officials it will employ at least 5,000 people. About 25 of those workers are categorized as "qualifying" jobs and would be paid a minimum of $74,050, while the remaining would be middle income jobs with an annual salary of $47,147.

[...] Under terms of the agreement with Travis County, Tesla must invest $1.1 billion in the new factory within the first five years. In exchange, Travis County will rebate 70% of the property taxes Tesla will pay. Once Tesla's investment in the factory eclipses that $1.1 billion mark, the property taxes rebates will increase to 75%. Any investments in the factory beyond $2 billion, will give Tesla 80% in property tax rebates.

[...] If Tesla fails to hit the investment goal or if its falls 75% short of its jobs requirement in any year, the company won't receive any property tax relief. The county will also have the ability to recoup tax rebates if Tesla breaches its contract.

Together, Tesla will receive at least $61 million in property tax abatement. It's possible that Tesla could receive more from the state.

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  • (Score: 2) by takyon on Thursday July 23 2020, @11:53PM (3 children)

    by takyon (881) <takyonNO@SPAMsoylentnews.org> on Thursday July 23 2020, @11:53PM (#1025593) Journal

    Tesla Valuation “Overheated” Believes BofA As Scandalous China Delivery Claims Emerge [wccftech.com]

    As we head to Tesla's earnings, investment banks and research firms have started to weigh in on the company's extraordinary stock market performance. Yesterday, investment bank JMP Securities stated its opinion that all immediate term growth in the company has already been discounted in its stock price and research firm Wedbush estimated that Tesla stands to deliver 450,000 vehicles during the course of this year - which is just 50,000 vehicles short of the company's own delivery estimate set before the pandemic-induced global economic disruption.

    [...] The BofA note comes a day after some reports in the Chinese press threw doubt into Tesla's recent delivery increases in the East Asian country. A research note by analyst Gordon Johnson states his belief that Tesla offered steep discounts on its vehicles to entice dealers into purchasing them, and he further believes that these dealers are now offloading their stock on the online platform Pinduoduo.

    The analyst also believes that Tesla's near term demand in China is not as healthy as some would like to believe, and as a result, the company is set to experience higher gross margins. Demand outlook in China, gross margins, profitability and delivery estimates will be among the key items on investor, analyst and press agenda as we head into Tesla's earnings report later in the day today.

    Tesla Consecutively Beats Analyst Estimates In Second Quarter Earnings [wccftech.com]

    "We have the capacity installed to exceed 500,000 vehicle deliveries this year, despite recent production interruptions. While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target."

    Coronavirus and tit-for-tat [businessinsider.com] diplomacy [archive.is] with China may not be kind to Tesla.

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  • (Score: -1, Redundant) by Ethanol-fueled on Friday July 24 2020, @12:37AM (2 children)

    by Ethanol-fueled (2792) on Friday July 24 2020, @12:37AM (#1025611) Homepage

    Fuck Tesla then. Toyota used to be a company liked by all here, even resentfully respected by their critics, until we started seeing the Prius mentality on the highways. I saw a Tesla at the beach the other day. I noticed how it was driving so slowly that people were cutting and cutting in front of it such that the line behind it wasn't shrinking. Then I remembered that these chickenshit lazyfag vehicles can now "drive" themselves, so I cut in front of it and quickly got on my merry way.

    • (Score: 2) by takyon on Friday July 24 2020, @12:56AM

      by takyon (881) <takyonNO@SPAMsoylentnews.org> on Friday July 24 2020, @12:56AM (#1025622) Journal

      That level of self-driving will be in all new cars within a decade. Mostly used on the highway.

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    • (Score: 0) by Anonymous Coward on Friday July 24 2020, @08:36PM

      by Anonymous Coward on Friday July 24 2020, @08:36PM (#1025923)

      If I drove slower than traffic, I'd get a ticket for impeding traffic.