"We will be investing over $3.6 billion more to continue growing Gigafactory Nevada, adding 3000 new team members and two new factories," the company said.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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"We will be investing over $3.6 billion more to continue growing Gigafactory Nevada, adding 3000 new team members and two new factories," the company said.

As per recent reports, Tesla is planning to set up a gigafactory in Nevada, United States, and is recruiting approximately 3000 employees. The EV company announced on Tuesday its intentions to invest 3.6 billion dollars in constructing a manufacturing facility spreading 4 million square feet on the periphery of Sparks in Nevada. Products like battery cells for light-duty vehicles and semi-trucks will be manufactured at the new plant.

Yesterday, Tesla released a statement that read, “We will be investing over $3.6 billion more to continue growing Gigafactory Nevada, adding 3000 new team members and two new factories: a 100 GWh 4680 cell factory (with capacity to produce enough batteries for 2 million light duty vehicles annually), as well as our first high-volume Semi factory).

Reportedly, the Elon Musk-headed company intends to make this factory the largest facility in the world, and that construction process is already underway with 30 percent of completion. The American company is seeking to reach the goal of halving battery costs and increasing battery production a hundred-fold by 2030. To stay ahead of the competition, the Texas-headquartered EV maker is offering some of its cars at heavily discounted prices. Tesla produced around 1.31 million vehicles in 2022, a 40 percent increase from the previous year.

The announcement comes against the backdrop of Tesla struggling to ramp up production of 4680 cells at its factories in California and Texas. Tesla is scheduled to release its earnings report later today.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members