Tesla Inc TSLA receives $330 million in Nevada tax breaks for committing to expand its automotive battery plant near Reno and building one new factory for electric tractor units.

What happened: Permission was granted by the governor Business Promotion Office. The Republican governor of the state Joe Lombardo said, “Tesla has surpassed every promise they’ve made since 2014,” reported Wealth.

Lombardo called the not yet concluded agreement between the Elon Musk-led corporations and the state “an incredible investment in our state,” the report said.

The governor said Tesla spent $6.2 billion on its existing Gigafactory in Nevada, which he says has created 17,000 construction jobs and more than 11,000 “high-paying permanent jobs,” Fortune reported.

See also: How to Buy Electric Vehicle (EV) Stocks.

Why it matters: The company is reportedly planning another $3.6 billion equity investment in Nevada that will create 3,000 new jobs at an average hourly rate of $33.49, Fortune reported.

The $330 million tax break was reportedly not announced until Monday due to a non-disclosure agreement between Tesla and state officials.

Lawmakers in Nevada’s Democratically controlled state legislature reportedly have just three days to review the 20-year tax break.

“There is little to no opportunity to examine how this deal might affect the region’s housing supply, public schools, public safety and other vital government services,” the Democratic state senator said. Diana Nealreported Fortuna.

However, public support for the deal reportedly came from the White House and the President Joe Bidens Chief of Infrastructure Mitch Landrieu.

Price promotion: Tesla shares closed 5.85% lower at $190.90 on Thursday Data from Benzinga Pro.

Continue reading: Tesla announces Gigafactory Mexico to manufacture its next-generation vehicle