Tesla Pouring $3.6 Billion Into Nevada Plant For EV Battery, Semi Production

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Tesla Pouring $3.6 Billion Into Nevada Plant For EV Battery, Semi Production
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Tesla, the world’s biggest producer of electric vehicles, is expanding its Nevada assembly plant with a major new investment to increase production of a new, larger type of battery cell and a dedicated factory to make its Semi truck.

Tesla is investing $3.6 billion to expand its Gigafactory in Sparks, Nevada, to make 4680-cell batteries and electric Semi trucks.Tesla, the world’s biggest producer of electric vehicles, is expanding its Nevada assembly plant with a major new investment to boost production of a new, larger type of battery cell and a dedicated factory to make its Semi truck.on Tuesday that it will spend $3.

Tesla currently has the largest battery production operations in the U.S. with the Gigafactory in Sparks, Nevada, and the new funds bring its total facility in the complex to nearly $10 billion since 2014. The move follows announcements from competitors including General Motors, Ford, Hyundai, Toyota, Volkswagen and other automakers that are also pouring billions of dollars into new domestic battery and materials plants, taking advantage of Biden Administration incentives aimed at turning the U.

The new battery line will eventually make 100 gigawatt-hours of 4680 cells annually, enough to power 2 million EVs, Tesla said. That’s almost three times Gigafactory’s current capacity of 37 gWh, according to the release. The company also plans to hire 3,000 additional workers at the new battery and truck facilities, in addition to the 11,000 currently employed there.

The investment announcement comes a day before Tesla releases four-quarter and full-year results for 2022 and as Musk testifies in ain federal court in San Francisco over his comments about having “funding secured” to take the carmaker private in 2018. Tesla was little changed in Nasdaq trading on Tuesday, closing at $143.89. The stock is up 36% this month after plunging more than 60% in 2022.

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