Wednesday, 1 February 2023
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Tesla announces $3.6B investment to expand Nevada gigafactory By Investing.com

Fire at Tesla powered PG&E facility shuts down part of Highway 1 in California

© Reuters. Tesla (TSLA) announces $3.6B investment to expand Nevada gigafactory

By Michael Elkins

Tesla (NASDAQ:) announced Wednesday that the electric vehicle maker will be investing an additional $3.6 billion to continue growing the company’s gigafactory in Nevada. Since 2014, Tesla has invested $6.2B in Nevada and built a 5.4 million square foot Gigafactory, providing 17,000 local construction jobs.

The original goal for Nevada was to build a facility capable of producing 35 GWh of battery cells annually. To date, the gigafactory in Nevada has directly hired 11,000 team members and has successfully produced 7.3B battery cells (37 GWh+ annually), 1.5M battery packs, 3.6M drive units, and 1M energy modules.

The additional $3.6B investment will help the gigafactory to continue growing, adding 3,000 new team members and two new factories: a 100 GWh 4680 cell factory, as well as Tesla’s first high-volume Semi factory.

Shares of TSLA are down 0.37% in mid-day trading on Wednesday.

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