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Tesla plans to spend more than $770 million on Texas factory expansion

 1 year ago
source link: https://www.cnbc.com/2023/01/10/tesla-plans-to-spend-more-than-770-million-on-texas-factory-expansion.html
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Tesla plans to spend more than $770 million on Texas factory expansion

Published Tue, Jan 10 20238:37 PM ESTUpdated 2 Hours Ago
Key Points
  • Tesla has registered with the state of Texas to expand its electric vehicle factory in Austin this year.
  • January filings with the Texas Department of Licensing and Registration reveal that Tesla plans to spend upward of $770 million on the construction of facilities, including for battery cell testing and manufacturing there.
  • In May 2022, after Tesla opened up its Austin factory, and another vehicle assembly plant outside of Berlin in Germany, CEO Elon Musk called both facilities “gigantic money furnaces.”

In this article

A giant cowboy boot is on display outside the Tesla Giga Texas manufacturing facility during the
A giant cowboy boot is on display outside the Tesla Giga Texas manufacturing facility during the “Cyber Rodeo” grand opening party on April 7, 2022 in Austin, Texas.
Suzanne Cordeiro | AFP | Getty Images

Tesla has registered with the state of Texas to expand its electric vehicle factory in Austin this year.

January filings with the Texas Department of Licensing and Registration reveal that Tesla plans to spend upward of $770 million on the construction of facilities there, including for battery cell testing and manufacturing, cathode and drive unit manufacturing, and a die shop, among other things.

The Austin Business Journal previously reported on Tesla’s plans and filings.

The Elon Musk-led automaker officially opened its Texas electric vehicle and battery factory in April 2022, hosting a “cyber rodeo” party for shareholders and fans there. Today, Tesla manufactures some of its Model Y crossover utility vehicles in Austin, and plans to mass-manufacture its science fiction inspired Cybertruck, an unconventional pickup, there as well.

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

The fundamental issue facing Tesla is a pull-back in demand, says Bernstein's Toni Sacconaghi
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The fundamental issue facing Tesla is a pull-back in demand, says Bernstein’s Toni Sacconaghi

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