Tesla Inc.
TSLA 0.10%
said it would spend more than $3.6 billion to expand its plant near Reno, Nev., where the electric-vehicle maker assembles batteries and produces EV car components.
The
Elon Musk
-led auto maker said its investment plan would expand its lithium-ion battery and electric-vehicle-component facilities there and employ 3,000 additional workers.
One of the factories to be built would mass produce its semitrailer truck, while the other would make enough batteries for two million passenger vehicles every year, Tesla said in a blog post Tuesday.
The company since 2014 has invested $6.2 billion in Nevada and the 5.4 million square feet of facilities it has built there. It has also hired more than 11,000 employees to produce about 7.3 billion battery cells and 3.6 million drive units in the past nine years.
Nevada’s expansion plans come soon after the company filed paperwork for a potential $775 million expansion at its electric-vehicle plant near Austin, Texas, also set to focus on the production of batteries and car components.
Mr. Musk last year said the company might open 10 to 12 new factories to increase production to meet its goal of selling 20 million vehicles by the end of the decade.
Tesla in December 2022 delivered its first all-electric semitrailer trucks, originally due out in 2019. It was the first new model Tesla sold to consumers since early 2020, when it began delivering the Model Y.
The plant expansion plans come after a challenging year for Tesla. The company’s share price suffered its worst performance ever last year amid production disruptions in China, recession concerns and other factors. In the past 12 months, Tesla’s stock has fallen nearly 54%.
Late in 2022, Mr. Musk sold more than $3.5 billion of Tesla stock, prompting concerns over the outlook of the company.
Tesla is expected to post its fourth-quarter earnings on Wednesday.
Write to Sabela Ojea at [email protected]
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