The project will expand an existing 5.4M square-foot Gigafactory where the EV automaker makes batteries for electric vehicles. It would help Tesla come closer to meeting its goal of manufacturing 50,000 Tesla Semi trucks in North America in 2024.
The primary report of Tesla’s massive expansion got here earlier this week, and it stays unclear if the state will offer tax breaks or other incentives.
The automaker’s rally has been driven by strong Q4 numbers as well, topping EPS estimates for Q4 and issuing production guidance for 2023 of around 1.8M vehicles.
Production jumped 47% Y/Y for the total yr however the margin mark missed the consensus expectation of analysts. Looking ahead, hardware-related profits are expected to be accompanied with an acceleration of software-related profits.
Tesla (TSLA) rallied about 10% in Thursday’s intraday trading, boosted by the discharge of quarterly results.