Tesla’s $3.6 billion expansion plans at Giga Nevada

Operations at Tesla’s Sparks, Nevada plant are set to grow substantially in the approaching years, with the corporate recently sharing plans so as to add two recent factories. The factory has been a key producer of Tesla’s automotive batteries throughout the last several years, and shortly it should even be a serious producer of the Tesla Semi.

Above: Tesla’s Gigafactory in Sparks, Nevada (Image: Tesla).

Tesla has announced plans to spend as much as $3.6 billion in expansions to Gigafactory Nevada, as detailed by MarketWatch in recent weeks. The investments will go toward the corporate’s first “high-volume” Semi factory and an updated 4680 battery cell factory, adding as many as 3,000 jobs to the situation, in response to the automaker.

The expansion projects will add as much as 4 million square feet of recent manufacturing facilities to Tesla’s current footprint of 5.4 million square feet. Currently, Tesla has about 11,000 employees at Giga Nevada.

It’s not yet clear when the development projects will begin, nor how long they’re expected to last. The battery cell factory will produce 100 GWh of battery cells per 12 months, or “enough batteries for two million light-duty vehicles annually,” in response to Tesla. In 2022, Tesla said it delivered roughly 1.31 million vehicles and most analysts forecast Tesla to deliver around 1.92 million vehicles in 2023.

The news comes amidst increasing competition, as quite a few automakers are investing in factories, electric vehicles and battery cell operations within the emerging sector. Tesla also plans to start production of its highly anticipated Cybertruck later this 12 months, expected to achieve volume production in 2024.

Before Tesla had confirmed the news, Nevada Governor Joe Lombardo mentioned the automaker’s plans for a recent manufacturing facility during his State of the State speech. U.S. President Joe Biden and the White House also confirmed the plans, only a day prior to Tesla’s announcement.

The announcement also got here just ahead of Tesla’s quarterly earnings call, and weeks after the corporate applied for multiple expansion projects at Gigafactory Texas, valued at almost one billion dollars. Tesla’s investment into expansion plans at Giga Texas are valued at $717 million and can go toward an extra 1.4 million square feet of producing facilities.

On its Q4 earnings call, Tesla announced that it earned $24.3 billion within the fourth quarter of 2022, beating out its forecast of $24.03 billion. The automaker totaled $3.7 billion in net income through the quarter, with a complete of $12.6 billion in net income for the 12 months as a complete.


Source: MarketWatch

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