Elon Musk plans to build 110 homes for Tesla employees, with hundreds to follow

Per Business Insider

Elon Musk is planning to build 110 homes for Tesla employees initially, per a document, with hundreds more to follow. The houses are being built by a construction company in Austin, Texas, along with the help of The Boring Company.

The Austin Business Journal first reported that the development would occur in Austin's Bastrop County and be called "Project Amazing." The project will include streets with their own names, like Waterjet Way, Cutterhead Crossing, and Boring Boulevard.

Bastrop County Commissioner Mel Hanmer said that Lennar, a Florida-based house builder, will partner with Musk's The Boring Company for the construction. Per online records, the houses will be built on land that is property of a company affiliated with The Boring Company called Gappes Bass LLC.

Lennar's website advertises 3D-printed homes, a technique that, as per Holm, could be used in developing homes in Austin.

Hamner shared how there were not enough homes to deal with the demand, leading to a housing affordability crisis. He then shared the reason why Elon Musk is investing in building homes.

Hamner: "That's part of why The Boring Company is building housing for their workers, so they can afford to be living somewhere close to their facilities,"

While Big Tech layoffs were felt across the industry, Tesla increased its headcount by 23% in 2022. This happened despite the company's stock dropping by 65% per its 10-K filing with the SEC.

The company grew its employee count by 28,565 people. By the end of last year, Tesla reportedly grew its count by 127,855 staff worldwide.

Early this year, Tesla announced its plans to invest $700 million in the expansion of the Texas Gigafactory. The filing included four projects: Cell 1, Drive Unit, Cathode, and Cell Test Lab.

See flow at unusualwhales.com/flow.

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