Tesla started building a $1.1 billion production facility on 2,000 acres outside Austin Texas in summer 2020. Elon Musk has said that vehicles will be rolling out by summer 2021! What’s next?
The new plant will be used to build Tesla’s new cybertrucks and produce electric batteries, with rumors flying about what else Elon Musk might develop in the Austin area. As reported in Austin American-Statesman:
Construction of the planned Tesla factory in southeastern Travis County has been proceeding so fast that watching it take shape is practically a spectator sport.
Musk — himself an energetic, if cryptic, Twitter user — appears to have taken a liking to the region, meaning more surprises could be brewing.
Cropping Up: The Urge To Build
Seems like Austin, like Elon Musk, enjoys speed, with a hopping housing market and a “keeping it weird” mantra that has beckoned a diversity of entrepreneurs and innovators.
A friendly business environment and low taxes paved the way for approximately 30 new business relocations in 2020 alone, according to the Austin Chamber of Commerce. In fact, the steel supplier that Tesla plans to use for the manufacturing of its Cybertruck is also building a new $1.7 billion plant in Sinton, Texas, about 180 miles away.
With construction projects springing up across the country, contractors of all sizes are securing their bid, performance and payment bonds with help from a leading national surety bond expert, Colonial Surety Company. Uniquely at Colonial, contractors can apply for a Partnership Account®. The application is quick, easy and online. All companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®.
By The Way: What Is a Cybertruck?
In exchange for tax incentives, Tesla pledged to ultimately employee at least 5,000 people at the new facility:
The factory… will be the launching point for Tesla’s electric pickup — which it is calling the
Cybertruck because of the vehicle’s unconventional, sci-fi appearance.
Tesla also has said the plant will serve demand in the eastern and central portions of the country for its Model 3 compact sedan and for its recently introduced Model Y compact sport utility vehicle. In addition, it will produce Tesla’s planned commercial semi-truck for long-haul shipping.
Of the steel, glass and other materials used to build of the Cybertruck’s, Tesla says:
If there was something better, we’d use it.
Ready for Something Better?
Whatever projects are on the horizon for your contract business this year, get ready to go faster. Contractors across the country are using Colonial’s Partnership Account® to:
- Gain control of bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.