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Tesla's Gigafactory brings 7,000 jobs, more than $6B in investment to Nevada

Tesla's Gigafactory brings 7,000 jobs, more than $6B in investment to Nevada

"The promises made have been promises kept," says Nevada Office of Economic Development deputy director Derek Armstrong.

Nevada officials are apparently pleased with the economic impact of Tesla's Gigafactory 1 outside Reno.

The factory is only partially complete but has already brought in more than 7,000 jobs and $6 billion in capital investment, according to a new economic impact study cited in a Las Vegas Review-Journal report.

The company convinced the state to offer $1.3 billion in tax incentives, in return for meeting certain employment and investment targets. The Gigafactory is apparently ahead of its promised 6,500 workers by 2018, with 93 percent of the jobs held by Nevada residents and average earnings of $25.78 per hour.

"The promises made have been promises kept. We're extremely happy to see what they've done so far," said Derek Armstrong, deputy director of the Nevada governor's Office of Economic Development. "This is an example of how incentive programs have been put to work and work really well."

The factory currently houses more than 4.9 million square feet of operational space across several floors. Earlier this year, battery production reached 20 GWh of annualized output to make it the highest-volume battery plant in the world. The site is also used to make motors and drive units.