Tesla will spend over $1 billion on a brand new automobile manufacturing unit in Austin, Texas, and goals to finish development of a number of main components of the complicated by Dec. 31, based on development filings with the Texas Division of Regulation reviewed by CNBC.

Tesla plans to spend no less than $1.06 billion on what the corporate calls a “Gigafactory” that can produce the corporate’s forthcoming electrical pickup truck, Cybertruck, in addition to Mannequin 3 and Mannequin Y automobiles.

The permits present that Tesla’s beforehand introduced growth subsequent to the Colorado River stays on monitor to start out producing automobiles within the close to future and that the corporate is investing a considerable quantity of capital on the 2,000-acre facility.

The manufacturing unit can also be an necessary image for the corporate after it introduced plans to maneuver its headquarters from California to Texas in October. The Travis County, Texas, facility was first introduced in 2020.

“Gigafactory Texas is progressing as deliberate,” Tesla mentioned in a shareholder slide deck in October. “We’re within the strategy of commissioning gear and fabricating our first pre-production automobiles.”

The Texas filings, dated Nov. 19, present that Tesla began development in Sept. and Nov. 2020 on amenities meant for physique work, stamping, casting, portray, and full automobile meeting on the plant, which may have greater than 4.2 million sq. toes of house.

Tesla additionally operates factories in California, Nevada, and Shanghai, and is at the moment within the strategy of establishing a plant close to Berlin.

Tesla beforehand mentioned it deliberate to spend $1.1 billion on the Texas plant in conferences with native officers and acquired tax breaks price a minimal of $14.7 million.

Austin Mayor Steve Adler mentioned in October that Tesla “suits proper in” to the town and area. Tesla plans to make use of “hundreds” of workers on the plant.

“We will make it a manufacturing unit that’s going to be beautiful; it is proper on the Colorado River. So we’re truly going to must have a boardwalk over you, mountain climbing, biking path. It is going to principally be an ecological paradise,” Musk mentioned in 2020.

Electrek beforehand reported on the filings. Tesla did not return a request for remark.