Tesla says it will build $1 billion factory in Texas, reportedly bringing 5,000 jobs to area

Tesla this week announced a mammoth new investment in central Texas in the near future, with plans in the works for the electric car manufacturer to build a billion-dollar factory in Travis County and bring with it thousands of new jobs for the area. 

Company CEO Elon Musk announced in an earnings call this week the impending development of a new "Gigafactory" near Austin, Texas. The facility will "create at least 5,000 new jobs and generate over $1 billion in capital investment," according to a Wednesday press release from Texas Gov. Greg Abbott. 

"Tesla’s Gigafactory Texas will keep the Texas economy the strongest in the nation and will create thousands of jobs for hard-working Texans," Abbott said in the release. 

The construction of the factory is slated to begin in the third quarter of 2020 and is projected to take just over a year to build. 

Telsa, as a result of earnings and stock values, recently became the world's most valuable auto company.

Musk on the phone call said the factory would be "stunning."

"It's right on the Colorado River, so we're actually going to have a boardwalk where there will be a hiking/biking trail," he said. "It's going to basically be an ecological paradise—birds in the trees, butterflies, fish in the stream—and it will be open to the public as well."