Tesla Plans to Spend Over $700 Million on Its Gigafactory Texas Expansion
Per Electrek
So far, Tesla stock is now up 15.66% year to date after suffering major plunges in 2022, with its value dropping by 65%, per NPR. So far this year, one of the company's major moves is applying for an over $700 million Gigafactory Texas expansion for an additional 1.4 million square feet of space.
The Gigatexas is already popular for producing the Model Y, but with plans to add the Cybertruck production, there have been talks about Tesla's plans to expand its facilities. Elon Musk's EV company recently filed with the Texas Department of Licensing and Regulatory to expand its factory for an additional 1.4 million square feet.
Per the Austin Business Journal, the filing includes a potential $717 expense for construction costs with plans for one Tesla road and four new buildings. The company is already considered the largest Central Texas manufacturer, with over 10,000 employees just a year after it opened its Gigafactory Texas.
Amid Tesla's expansion moves, Elon Musk has achieved the title of the Guinness World Record's person with the largest personal loss in history. The expansion of Musk's EV company comes at a time of downsizing for another of his companies, Twitter, from six floors to just two.
The filing includes four Tesla projects:
- Cell 1 - a 693,093-square-foot facility
- Drive Unit - a 423,032-square-foot facility
- Cathode - a 321,186-square-foot facility
- Cell Test Lab - a 2,560-square-foot facility
On top of the four projects, Tesla also filed for another project called Plastics on Dec 20 for a 174,979-square-foot facility. The project would cost the company $58 million and be initially scheduled to start on Dec 27, 2022.
Should all projects be approved, Tesla will achieve a 5.6 million square foot footprint in Austin.
See flow at unusualwhales.com/flow.
Other News:
- Elon Musk has been recognized by the Guinness World Records for the largest loss of personal fortune in history
- Elon Musk downsizes Twitter headquarters to two floors from six
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