BusinessTesla seeks to invest more than $770 million to expand its Texas...

    Tesla seeks to invest more than $770 million to expand its Texas factory

    In early 2023, Tesla filed an application with the Texas Department of Licensing and Registration for expand its electric vehicle factory in Austin. According to the record, the company plans to spend more than $770 million.

    The money would be used to build testing facilities and battery cell manufacturingmanufacture of cathodes and drive units, as well as a die shop, among other things.

    Work on the new infrastructure could begin this month, according to state regulatory documents.

    The Elon Musk-led automaker officially opened its Texas electric vehicle and battery factory in April 2022, where it builds some of its Model Y vehicles in Austin and plans to mass-produce its Cybertruck inspired by science fiction, an unconventional truck.

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    At the moment, its manufacturing capacity is more than 250,000 vehicles a year in its facilities, so that production would rise considerably if the expansion plans that it proposes materialize.

    After the company initially opened its Austin factory and another vehicle assembly plant outside of Berlin, Musk called both facilities “gigantic money ovens” in an interview with Tesla owners, Silicon Valley.

    Last year, Musk mentioned that the company could open 10 to 12 new factories to increase production and meet its goal of selling 20 million vehicles by the end of the decade.

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    Just last week, Tesla reported vehicle deliveries for 2022 that fell short of Wall Street forecasts. Those estimates had already been lowered after the automaker said in October it would ship fewer cars than originally projected.

    Even so, Tesla delivered more than 405,000 vehicles worldwide in the fourth quarter.

    Tesla did not launch any new models last year and faces increasing competition by traditional automakers undergoing transformation, and startups like Lucid and Rivian, who continually introduce new electric vehicles.

    Musk’s behavior after his $44 billion purchase of Twitter prompted Tesla shares fell more than 65% last year, knocking him out of the top spot as the world’s richest person, according to Forbes.

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    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


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