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08 Feb, Wednesday
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Bull Trader USA

Tesla plans to spend $3.6 billion more on battery and truck manufacturing in Nevada

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TSLA

An aerial view of the Tesla Gigafactory near Sparks, Nevada
Bob Strong | Reuters

Tesla plans to spend $3.6 billion more on expanded battery and heavy duty truck manufacturing in Nevada, the company said Tuesday on social media.

According to its public statements, Tesla

It wasn’t immediately clear whether Tesla’s plans expand the company’s manufacturing footprint beyond the property it is already developing outside of Reno in Sparks, Nevada.

Tesla said in a statement that its new facilities will include a 100 GWh battery cell factory, where the company expects to have the capacity to produce battery cells for 2 million light duty vehicles annually, and a high-volume factory where it will eventually manufacture its class 8 heavy-duty, fully electric truck, the Tesla Semi.

Tesla began construction of its first battery factory in Nevada in 2014. It operates this plant today with a key cell supplier, co-tenant and co-investor in the factory, Panasonic

Republican Nevada Gov. Joe Lombardo revealed details about Tesla’s plans for expansion in the state early on Monday. Tesla confirmed the plans on Tuesday ahead of its fourth-quarter earnings update, which is scheduled for Wednesday after markets close.

Tesla CEO Elon Musk held a ceremony in Nevada in December to kick off deliveries of the company’s Tesla Semi to a key early customer, PepsiCo

Fans and critics of Tesla have been posting images of Tesla Semi trucks emblazoned with Pepsi Frito Lay branding that they’ve seen on the road since that announcement, including some broken down on the shoulder.

Tesla has yet to reveal publicly how much each truck costs, and did not say how many it has produced or sold in its fourth-quarter deliveries report.

The company is expected to share further details on its Semi program in its Q4 earnings call.

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