San Francisco, Jul 23 (IANS): Tesla CEO Elon Musk has announced that the electric car maker will build its new Gigafactory near Austin, Texas.

The new factory will produce the Cybertruck, along with the Tesla Semi, Model Y, and Model 3 for customers in the Eastern US, said Musk during the company's second-quarter earnings call on Wednesday.

Tesla will invest $1.1 billion in the new factory within the first five years.

In exchange, Travis County will rebate 70 per cent of the property taxes the company will pay, reports TechCrunch.

The new factory in Texas will be open to the public, and there will be a boardwalk and hiking and biking trails.

"We are going to make it a factory that is going to be stunning right on the Colorado River. So we are actually going to have to have a boardwalk over you, hiking, biking trail. It is going to basically be an ecological paradise," Musk said.

Tesla has promised Texas officials it will employ at least 5,000 people and about 25 of those workers are categorised as "qualifying" jobs and would be paid a minimum of $74,050.

It will be the company's fourth U.S. factory, along with its vehicle assembly plant in California, a solar facility in New York, and a battery plant in Nevada. Tesla also builds vehicles near Shanghai, China, and is building a new factory near Berlin.