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Home Lifestyle Tesla pours $3.6 billion into Nevada EV battery plant, semi-production

Tesla pours $3.6 billion into Nevada EV battery plant, semi-production

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Tesla, the world’s largest electric vehicle maker, is expanding its Nevada assembly plant with a major new investment to boost production of a new, larger battery cell type and a dedicated facility to make its semi-truck.

The Austin-based company led by billionaire Elon Musk said in a blog post Tuesday that it will spend $3.6 billion on a factory dedicated to making 4680 lithium-ion cells, as well as a facility to build the newly added Tesla Semi. produce. The company has said it expects the new-generation battery cells, about the size of a beer can, to contain more energy and be less expensive than current 2170 cells. That’s a requirement to power heavy new models, such as the electric big rig and the sturdy Cybertruck pickup that may arrive this year.

Tesla currently has the largest battery manufacturing operation in the US with the Gigafactory in Sparks, Nevada, and the new funds bring the total facility at the complex to nearly $10 billion since 2014. The move follows announcements from competitors including General Motors, Ford, Hyundai, Toyota, Volkswagen and other automakers who are also pouring billions of dollars into new domestic battery and materials plants, taking advantage of the Biden administration’s incentives to turn the US into a powerhouse. in the field of clean vehicle technology.

The new battery line will eventually produce 100 gigawatt-hours annually from 4,680 cells, enough to power 2 million EVs, Tesla said. That’s nearly three times Gigafactory’s current capacity of 37 gWh, according to the release. The company also plans to hire an additional 3,000 workers at its new battery and truck facilities, in addition to the 11,000 currently employed there.

The investment announcement comes a day before Tesla releases fourth quarter and full year results for 2022 and as Musk testifies in a class action lawsuit in federal court in San Francisco over his comments about having “secured funding” to automaker to take private in 2018.

Tesla was little changed in Nasdaq trading on Tuesday, closing at $143.89. The stock is up 36% this month after falling more than 60% in 2022.

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