Elon Musk says Tesla’s new Austin factory will drive $10 billion in total investment – CultureMap Austin

With 66.8 million followers on Twitter, Elon Musks tweets attract an outsized amount of attention. So, when Musk tweeted December 16 that the new Tesla factory east of Austin would represent a long-term investment of at least $10 billion, generating over 20,000 direct jobs and 100,000 indirect jobs, it raised more than a few eyebrows.

Until thattweetappeared, Tesla the Austin-based electric vehicle maker headed by Musk had indicated it would invest $1.1 billion in theplantand would create at least 5,000 jobs and potentially 10,000 jobs there. As such, was Musks December 16 tweet promising far more than that a spot-on statement or a far-fetched embellishment? Musk hasnt elaborated on his tweet, but experts believe his pronouncement isnt in the wrong lane.

Corporate site consultant John Boyd doesnt think the tweet is hyperbole from larger-than-life Musk, who is the worlds richest person.

The magnitude of the Austin campus,the sea change transforming the North American auto industry, and Musks extensive business enterprises could easily support those kind of numbers, Boyd says. I have found that the outspoken Musk is not prone to exaggeration and has no problem speaking his mind.

Moreover, Boyd foresees Musk bulking up the Austin factory site which is nowTeslas corporate headquarterswith operations from his other ventures, such as SpaceX and Neuralink.

Teslais just a piece of the pie for Musk.Look for him to co-locate some of his other enterprises on his massive Austin site, Boyd says. It would behard for him to find a better labor market and a more favorable state business and tax climate than he now enjoys in Austin.

Teslas production capacity at the Austin plant for its Model Y, Cybertruck, and Semi vehicles could warrant Musks new claims about the size of the new factorys investment and workforce, says Matt Patton, executive vice president of Austin-based economic development consulting firm AngelouEconomics.

The potential for expanding the factory is there, Patton says.

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Elon Musk says Tesla's new Austin factory will drive $10 billion in total investment - CultureMap Austin