Tesla reveals the cost of its new Texas factory, which will cost $1 billion and be completed by the end of the year

According to public filings with a Texas state agency, Tesla plans to spend more than $1 billion on its new vehicle factory in Austin, Texas, and expects to finish construction by the end of this year.

Tesla's spending on various manufacturing capabilities at its Austin factory was detailed in filings submitted to the Texas Department of Licensing and Regulation (TDLR) on Friday. By December 31, the company expects to have completed the construction of its general assembly, paint, casting, stamping, and body shop facilities.

According to the filings, the five facilities would have a combined square footage of nearly 4.3 million square feet (0.4 square kilometer) and would cost $1.06 billion.

The filings were first reported on Monday by the electric vehicle news site Electrek.

The TDLR is responsible for licensing and regulating a wide range of businesses, facilities, and equipment. The Tesla filings were made as part of the agency's architectural barriers project, which reviews and inspects construction projects to ensure they meet Texas' accessibility regulations.

A request for comment from the agency was not immediately returned.

Elon Musk, Tesla's CEO, has previously stated that the company plans to begin limited production of its Model Y mid-size SUV this year, followed by high-volume production the following year.

Tesla's new factory, which is expected to cost $1.1 billion and is located near the airport on the eastern outskirts of Austin, began construction in the summer of 2020. Tesla expects to receive nearly $65 million in local tax rebates for the factory, which it claims will create 10,000 jobs, the majority of which will be low-wage.

Construction crews can be seen working on the massive plant at all hours of the day and night, and the factory will be at least 0.75 miles (1.21 kilometers) long when finished.

Tesla has also announced that it will relocate its headquarters from California to Austin, Texas.