Tesla to Expand Nevada Gigafactory with 36 Billion Investment
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Tesla Announces $3.6 Billion Investment for Nevada Gigafactory Expansion
Tesla announced on Wednesday that it would be investing an additional $3.6 billion to expand its gigafactory in Nevada. Since 2014, the company has invested $6.2 billion in the state and constructed a 5.4 million square foot facility, providing 17,000 jobs in construction.
The initial goal for the Nevada gigafactory was to build a facility that could produce 35 GWh of battery cells annually. The gigafactory has employed 11,000 team members and successfully created 7.3 billion battery cells (37 GWh+ annually), 1.5 million battery packs, 3.6 million drive units, and 1 million energy modules.
The $3.6 billion additional investment will help the facility grow, adding 3,000 new team members and two new factories: a 100 GWh 4680 cell factory and Tesla’s first high-volume Semi factory.
Shares of TSLA are down 0.37% in mid-day trading on Wednesday.
What is Tesla Company
Tesla, Inc. is an American multinational corporation specialising in designing, developing, and manufacturing electric vehicles, energy storage systems, and solar products. The company was founded in 2003 by a group of engineers who wanted to prove that electric cars could be better than gasoline-powered cars.
Today, Tesla produces a range of electric vehicles, including the Model S, Model X, Model 3, Model Y, Roadster, the Cybertruck, and energy storage systems and solar products. In addition to manufacturing, Tesla is also engaged in the sales and service of its products directly to customers and through a network of company-owned and independent third-party dealers. The company also operates its energy storage and solar products business and is involved in developing autonomous driving technology.
What is Tesla Gigafactory Nevada?
Tesla Gigafactory Nevada is a large-scale manufacturing facility located in Storey County, Nevada, United States. The factory was built to produce 35 GWh of battery cells annually, enough to manufacture about 500,000 vehicles annually. It was designed to be one of the world’s largest and most advanced battery production facilities, with the goal of significantly reducing the cost of battery production through economies of scale.
The factory produces electric vehicle battery packs, energy storage systems, and electric motors. The facility also includes a solar panel production line, which was added in 2019. The factory is also expected to produce Tesla’s 4680 battery cells, which the company claims will be cheaper, more energy-dense, and longer-lasting than the current 2170 battery cells. The factory is also expected to produce Tesla semi-trucks and the Cyber track.
Constructing Gigafactory Nevada
Since 2014, Tesla has invested $6.2 billion in Nevada and constructed a 5.4 million square foot Gigafactory, which plays a crucial role in our goal to speed up the shift to sustainable energy. The construction of the facility alone created jobs for 17,000 local workers.
To date, the team at Gigafactory Nevada has accomplished the following:
- 7.3 billion battery cells (37 GWh+ annually)
- 1.5 million battery packs
- 3.6 million drive units
- 1 million energy modules (14 GWh+ total)
To achieve this, Tesla directly employed over 11,000 team members.
Additional $3.6 Billion Investment
Tesla is pleased to announce that we will invest an additional $3.6 billion to further expand our Gigafactory in Nevada. This will lead to the hiring of 3,000 new team members and the addition of two new factories: a 100 GWh 4680 cell factory (with the capacity to produce batteries for 1.5 million light-duty vehicles annually) and our first high-volume Semi factory.
Tesla’s Semi truck is fully electric and boasts a range of 500 miles and energy consumption of fewer than 2 kWh per mile.
Tesla wants to express our gratitude to the Tesla team, our suppliers, and the local community, who have enabled us to accelerate the world’s transition to sustainable energy at Gigafactory Nevada.
FAQs
How much is Tesla investing in the expansion of its Nevada gigafactory?
Tesla is investing $3.6 billion in the expansion of its Nevada gigafactory.
What is the goal of the expansion of the Nevada gigafactory?
The expansion of the Nevada gigafactory aims to add 3,000 new team members and two new factories: a 100 GWh 4680 cell factory (with a capacity to produce enough batteries for 1.5 million light-duty vehicles annually), as well as Tesla’s first high-volume Semi factory.
How has the Nevada Gigafactory performed so far?
The team at Gigafactory Nevada has successfully produced 7.3 billion battery cells (37 GWh+ annually), 1.5 million battery packs, 3.6 million drive units, and 1 million energy modules (14 GWh+ total) since its establishment.
How many jobs will the expansion of the Nevada gigafactory create?
The expansion of the Nevada gigafactory will create 3,000 new jobs.
How long has Tesla been investing in the Nevada gigafactory?
Tesla has been investing in the Nevada gigafactory since 2014.
How has the Nevada gigafactory impacted the local community?
The construction of the Nevada gigafactory alone created jobs for 17,000 local workers, and the facility has directly employed over 11,000 team members.