Gigafactory Shanghai Second Phase Nears Completion - Tesla (NASDAQ:TSLA)

Although Tesla Inc (NASDAQ:TSLA) stock is falling due to a lack of S&P 500 inclusion and the completion of a $5 billion stock offering, the company is still roaring ahead on various projects. Gigafactory Shanghai started producing and selling Model 3 vehicles at the beginning of 2020, and it looks like soon it may be ready to start mass-producing the Model Y as well.

A story from Chinese local media Global Times says the main structure of the second phase of Gigafactory Shanghai, which is meant to produce Model Y, is now complete. It's also speculated that Model Y production could begin in February of 2021. This comes after a prototype Model Y was spotted in camo in China.

Tesla also recently started a hiring campaign in China, supposedly to help with Model Y production and sales.

Benzinga's Take: If Tesla can start Model Y sales in February, that would be almost exactly one year after the start of work on the Model Y side of the factory. This is in line with what happened with the Model 3 at Gigafactory Shanghai. The first Model 3 units were delivered to customers less than 365 days after construction on the factory began.

Photo courtesy of Tesla, Gigafactory Shanghai Ground Breaking Event

TSLATesla Inc

$375.26-0.28%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.