Large-scale industrial settlements, such as the establishment of multinational enterprise (MNE) subsidiaries, are megaprojects that face additional challenges when embedding the subsidiary in the region. Part of these challenges may be due to contrasting symbolic values of the industrial project, which can facilitate or hinder embeddedness. This study considers the relevance of symbolic value for the embeddedness of an industrial megaproject through the case of Tesla’s Gigafactory Berlin-Brandenburg. Based on 23 interviews, we examine differences in the symbolic representation of the project among stakeholder groups and show that symbolic value can have supportive or divisive effects on the settlement process and embeddedness.