What Austin Thinks About The Tesla Cybertruck Gigafactory

Tesla officials yesterday presented the benefits to the Austin region if it builds its proposed $1 billion Cybertruck Gigafactory, the electric vehicle factory in southeastern Travis County, telling county commissioners during a meeting that many of the 5,000 jobs created would provide needed opportunities for high school graduates. Shonda Novak has published an interesting story at Austin Statesman explaining what some people in Austin think about the Tesla Cybertruck Gigafactory in the city and why the proposal got mixed reactions.

Travis County has hired economist Jon Hockenyos to conduct a cost/benefit analysis of the proposed Cybertruck Gigafactory in Austin. Hockenyos said the factory could be expected to generate more than $600 million in annual sales activity; more than 4,000 new non-Tesla jobs from ripple effects; and more than $425 million in new annual wages, above and beyond wages of Tesla employees.

Novaks writes:

Some residents spoke in favor of the plant and incentives, saying it would bring jobs and services to a part of the county that needs them.
But other residents were strongly opposed, saying Tesla has failed to live up to its promises and obligations in other states, doesn’t care about its employees’ health and safety, and has retaliated against unionizing workers.

One speaker said Tesla ” shouldn’t be getting a corporate handout, it should pay for its own.”

The county’s proposed economic development agreement would amount to almost $14.7 million in property tax rebates to Tesla over 10 years if the electric automaker — which has a stock market value of more than $180 billion — builds its factory here.

“The benefits substantially outweigh the costs to the community,” Hockenyos said. “It’s a marvelous opportunity (with a) net benefit to the county.”
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This is Armen Hareyan from Torque News. Please, visit us at https://www.TorqueNews.com for daily car sector news and follow us on Twitter at https://twitter.com/torquenewsauto for daily automotive sector tweets. And if you would like to support our channel, I would really appreciate buying us animated applause once a month by clicking on the applaud button, which is next to the Like button, if you are watching this video on a desktop. You can go to https://www.TorqueNews.com/tesla for our daily Tesla news coverage.

Reference
Austin Statesman https://www.statesman.com/business/20200623/proposed-tesla-factory-incentives-draw-mixed-reaction

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