Tesla intends to invest $770 million in expanding its factory

Tesla-intends-to-invest-770-million-in-expanding-its-factory

Tesla has informed the state of Texas of its plans to invest up to $770 million in expanding its already massive Austin-based factory.

Tesla intends to build additional facilities for what appears to be a battery cell testing lab, cathode and drive unit manufacturing facilities, a die shop, and an undisclosed 693,093-square-foot facility called Cell 1, according to registration documents filed on January 9th with the Texas Department of Licensing and Regulation.

Some of these projects are scheduled to begin construction within the next few weeks.

The appropriately named “Gigafactory Texas” opened in April 2022, with over 10 million square feet of floor space (roughly 100 football fields), making it the world’s second-largest building by volume.

The facility is Tesla’s fourth in the United States and is currently producing some Tesla Model Y vehicles, with plans to produce the company’s long-delayed Cybertruck in 2023.

Tesla is facing some challenges as it enters 2023, with the company’s stock value having dropped by more than 71% since its all-time high in November 2021 due to missed production targets and manufacturing delays.

Controversies surrounding Tesla’s self-driving technology and CEO Elon Musk’s Twitter ownership appear to have harmed the brand’s image in the aftermath of road accident coverage and Musk’s online behaviour.

Tesla will livestream its investor day from the Texas Gigafactory on March 1st, 2023. Hopefully, we’ll learn more about the expansion in between Musk’s attempts to appease investors.

To read our blog on “Employees at Tesla may fire as a result of financial difficulties,” click here

Muhammad Kamal
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