Tesla (TSLA) to build $776m expansion at giga Texas

Government filings show that electric vehicle maker, Tesla (NASDAQ: TSLA) has applied for to expand its gigafactory in Texas using a $775.7 million investment. This expansion will mark one of the company’s largest expansion drives since setting up the $5.5 billion gigafactory in Germany last year.

According to the company’s filing on the Texas state department of licensing's website, the expansion will add five new facilities at the Austin factory, including a cell test lab and a unit named "Cathode”.

The company is expected to host its investor day on March 1 at the Austin facility and will likely disclose plans for expansion and capital allocation.

Shares of TSLA are up 2.05% in pre-market trading on Wednesday.

By Michael Elkins | [email protected]

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