Tesla Eyes Over $770M Spend In Giga Factory Expansion

  • Texas Department of Licensing and Registration filings disclosed that Tesla, Inc TSLA plans to spend over $770 million on constructing electric vehicle facilities there.
  • Tesla earmarked funds for activities including battery cell testing and manufacturing, cathode and drive unit manufacturing, and a die shop, among other things, CNBC reports
  • Also Read: Tesla's Delivery Wait Times Go Up After Boosting Discounts On EVs
  • The Elon Musk-led EV maker officially launched its Texas electric vehicle and battery factory in April 2022.
  • Today, Tesla manufactures some of its Model Y crossover utility vehicles in Austin and looks to monetize its science fiction-inspired Cybertruck.
  • After Tesla initially introduced its Austin factory and another vehicle assembly plant outside of Berlin in Germany, Musk called both facilities "gigantic money furnaces" in an interview.
  • Tesla held $21.1 billion in cash and equivalents as of September 30.
  • Price Action: TSLA shares traded higher by 2.27% at $121.55 premarket on the last check Wednesday.
  • Photo via Wikimedia Commons
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