Elon Musk told analysts that Austin had been selected as the site for Tesla’s next Gigafactory
Tesla Cybertruck will be built in Texas among other models
Tesla has officially selected Austin, Texas as the site of its next Gigafactory. Tesla had been scouting new sites for its next US factory for a while now. Tulsa, Oklahoma was also in the running.
Elon Musk confirmed the choice in a conference call with analysts according to MarketWatch. Musk and Tesla had been fighting with California over restrictions and safety regulations regarding its factory in the wake of the coronavirus pandemic, but will retain its Fremont, California Gigafactory alongside the new facility in Austin.
The news comes as Tesla reports surprising Q2 profits despite a difficult environment. The company reported $104 million in profits, or 0.50 cents a share. That’s a significant YOY jump for the EV maker who reported a $408 million loss in Q2, 2019. Tesla also reported nearly $1 billion in sales during the quarter over what analysts expected.
Tesla shares jumped 5 percent on the news. Tesla has now reported three straight quarters of profits and recently surpassed Toyota as the world’s largest automaker.
The confirmation of the Austin Gigafactory is the major news here, however. Tesla says it will be an “ecological paradise” open to the public. Tesla will build the new Cybertruck pickup as well as the Model 3, and Model Y. The Tesla Semi will also be produced in Austin.
The current Fremont factory will continue to operate as well. The Model S, the Model X as well as the Model Y for the western markets will continue to be built in California.