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Tesla to spend $776 million to expand its Texas gigafactory this year

According to online state filings, Tesla intends to spend up to $776 million to expand its gigafactory in Texas.

Based on the documents, the proposal calls for constructing five additional facilities at the company’s Austin location, including a cell test facility, a Cathode unit, and manufacturing facilities for drive units.

Tesla Gigafactory Expansion

Some of these projects are slated to begin construction in the coming weeks. The move would mark one of the company’s major expansions since establishing its $5.5 billion gigafactory in Germany last year.

A few Tesla Model Y automobiles are produced at the Texas gigafactory, which was inaugurated in April of last year and has more than 10 million square feet of floor space.

Additionally, the expansion follows a trying year for the business. Since reaching an all-time high in November, the company’s stock value has fallen by more than 71%.

The company has also had a number of manufacturing setbacks at its Shanghai location due to lockdowns brought on by COVID-19 and other logistical issues.

Additionally, fourth-quarter delivery figures fell short of experts’ projections. The electric vehicle manufacturer’s deliveries were delayed by about 13,000, according to the Jan. 2 announcement. Tesla reportedly delivered 405,000 units for the quarter, behind consensus expectations of 418,000.

Read more: Inflation relief payments: Feds make billions dollars available to Americans; Will it happen again this year?

Cybertucks on Austin Gigafactory

 TESLA-Texas-Elon Musk-Austin, Gigagactory
According to online state filings, Tesla intends to spend up to $776 million to expand its gigafactory in Texas.

Tesla also intends to produce its Cybertrucks at the Austin Gigafactory, however, it’s unclear whether this is connected to the expansion.

The polygonal truck received both criticism and admiration for its innovative design, but the carmaker doesn’t seem to be giving up on making it a success. Although initially having the market to itself, the electric pickup currently confronts fierce competition from Ford’s best-selling F-150 Lightning because electric pickups are still uncommon.

Whatever changes are made to the Gigafactory, every decision Tesla makes this year will be carefully examined. Despite announcing last month that he would stand down, Twitter’s CEO, Elon Musk, is still in charge and is still very active on the social media site. 

The market share and stock value of the company decreased throughout 2022, worrying investors about its future financial prospects. The Gigafactory expansion, however, is probably a wise decision for the business and should help it achieve its production goals for the coming year.

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