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Tesla Invests $3.6 Billion To Expand 2 Factories In Nevada

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Tesla Invests $3.6 Billion To Expand 2 Factories In Nevada

(CTN NEWS) – On Tuesday, Tesla Inc. announced that it would spend more than $3.6 billion to add two new factories to its Nevada manufacturing complex, including the first to mass produce its long-delayed Semi electric truck.

The second factory will produce brand-new battery cells called 4680 and has the capacity to produce 2 million light-duty vehicle’s worth of batteries every year.

About 3,000 people will be employed across the two facilities.

The company is located in Sparks, producing lithium-ion batteries, auto parts, and other goods like the Powerwall, a consumer power backup system.

The Semi, first unveiled in 2017, was supposed to start production in 2019 but didn’t arrive until Musk gave PepsiCo one in December.

Tesla entered the trucking industry for the first time with this move.

Tesla Invests 3.6 Billion To

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The 18-wheeler truck can carry 81,000 pounds total, including the cargo, and has a 500-mile driving range. It might be eligible for the $40,000 in tax credits for clean commercial vehicles provided by the August-enacted Inflation Reduction Act.

In November, Robyn Denholm, the chair of Tesla, stated that the company might produce 100 semi-trucks in 2022, but the company did not mention this number in its fourth-quarter production report.

According to Musk, the electric vehicle manufacturer plans to produce 50,000 of trucks by the year 2024.

In 2023, PepsiCo intends to release 100 Semis. Walmart Inc., Brewer Anheuser-Busch, and United Parcel Service Inc. are more clients for the vehicle.

Daimler’s Freightliner, Volvo, and Nikola Corp, which have also introduced battery-powered trucks, will compete with the Semi.

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