Tesla is hiring 3,000 new workers and investing $3.6 billion to expand its Nevada Gigafactory
- Tesla is pouring additional resources into its Nevada battery factory as it looks to ramp up production.
- The company's $3.6B investment will add 3,000 jobs and 4 million square feet to its manufacturing footprint.
Tesla is pouring more resources into its Nevada Gigafactory, according to a company announcement.
The EV maker said Tuesday it plans to invest $3.6 billion, add 3,000 additional jobs, and build two factories at Tesla's facility just outside Sparks, Nevada.
The new factories will build battery cells for light-duty vehicles and Tesla's Semi truck, which began making deliveries early last month after years of delay.
According to a tweet by the company, Tesla's additional investment will add 4 million square feet to the Nevada factory's manufacturing footprint.
The company has plans for the factory to be the largest building in the world, though as of now, it's only about 30% complete, according to CNBC.
Tesla's Gigafactories, which are located in Texas, Shanghai, Berlin, and Nevada, build batteries for the company's electric vehicles.
The massive investment comes as EV competition in the US heats up as traditional automakers add more electric vehicles to their lineups.
To compete, Elon Musk's company has begun offering steep discounts for some of its cars: prices of the company's Model 3 and Model Y have been slashed by as much as 20%, according to a calculation by Reuters.
The company has said it needs to ramp up production in order to meet Musk's goal of delivering 20 million cars per year by 2030. In 2022, Tesla delivered 1.31 million vehicles, a 40% increase from the year before.
- A 53-year-old longevity researcher says his 'biological age' is a decade younger thanks to 4 daily habits — but the science behind them is mixed
- OnePlus Nord CE 3 leaks ahead of launch – specs, expected launch date and more
- New CEO of TCS Krithivasan gets a thumbs up from analysts who are betting on his experience & leadership skills
- Sensex, Nifty50 likely to open in the green amid positive global cues: Kotak Mahindra Bank, Adani Enterprises, Reliance Industries among stocks to watch
- Always open for negotiation: Putin tells Xi Jinping on Ukraine peace plan
- Time to accumulate bonds and lock-in attractive yields with peak rates around the horizon
- Learning AI can be lucrative: Freshers’ annual pay is ₹10-14 lakh in India, says TeamLease Digital report
- CoCo bonds fall sharply over Credit Suisse deal