Tesla (TSLA) announces $3.6B investment to expand Nevada gigafactory

Tesla (NASDAQ: TSLA) announced Wednesday that the electric vehicle maker will be investing an additional $3.6B to continue growing the company’s gigafactory in Nevada. Since 2014, Tesla has invested $6.2 billion in Nevada and built a 5.4 million square foot Gigafactory, providing 17,000 local constructions jobs.

The original goal for Nevada was to build a facility capable of producing 35 GWh of battery cells annually. To date, the gigafactory in Nevada has directly hired 11,000 team members and has successfully produced 7.3 billion battery cells (37 GWh+ annually), 1.5 million battery packs, 3.6 million drive units, and 1 million energy modules.

The additional $3.6B investment will help the gigafactory to continue growing, adding 3,000 new team members and two new factories: a 100 GWh 4680 cell factory, as well as Tesla’s first high-volume Semi factory.

Shares of TSLA are down 0.37% in mid-day trading on Wednesday.

By Michael Elkins | [email protected]

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