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- As it seeks to increase production, Tesla is investing additional resources in its Nevada battery factory.
- The $3.6B investment by the company will create 3,000 new jobs and add 4 million square feet of manufacturing space to its existing footprint.
- Elon Musk set the goal for Tesla to produce 20 million cars per year by 2030.
According to a company announcement, Tesla will invest more resources in its Nevada Gigafactory.
Tuesday's announcement by Tesla outlined its plans to invest $3.6Billion, create 3,000 new jobs and build two factories at the facility located outside Sparks, Nevada.
These factories will produce battery cells for light-duty cars and Tesla's Semi truck. Deliveries began last month after years of delays.
According to Tesla, the additional investment will increase the Nevada factory's manufacturing area by 4 million square feet.
According to CNBC, the company plans to make the factory the largest in the world. However, the factory is only 30% complete.
The batteries used in Tesla's electric cars are made by the company's Gigafactories. They can be found in Texas, Shanghai and Berlin.
This huge investment comes as EV competition heats up in the US as traditional automakers add electric vehicles to their fleets.
Elon Musk's company began offering steep discounts on some of its vehicles to compete: Prices for the Model 3 and Model Y were slashed as high as 20% according to Reuters calculations.
Musk has stated that the company must increase production to reach its goal of 20 million cars annually by 2030. Tesla produced 1.31 million cars in 2022, an increase of 40% over the previous year.
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By: sdelouya@insider.com (Samantha Delouya)
Title: Tesla is hiring 3,000 new workers and investing $3.6 billion to expand its Nevada Gigafactory
Sourced From: www.businessinsider.com/tesla-hiring-3000-workers-nevada-gigafactory-billions-invested-elon-musk-2023-1
Published Date: Wed, 25 Jan 2023 00:56:42 +0000
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