Tesla plans to invest $3.6 billion to expand a factory in Nevada

Electric car maker Tesla plans to invest $3.6 billion to expand manufacturing capabilities in Nevada, while confident that software-related profit increases -- reflected in record net income reported Wednesday for the fourth quarter of last year -- will maintain profit margins higher than any automakers. other.

The company said in a statement that it plans to mass-produce the pickup trucks and will manufacture enough cell batteries for two million lightweight vehicles annually in Nevada.

Nevada Gov. Joe Lombardo posted a photo on Twitter of himself with Tesla CEO Elon Musk on Tuesday evening after the newly elected Republican governor announced in his first speech Monday night that Tesla had committed to building a brand-new factory for electric trucks in the state's north.

Tesla plans to expand a factory in Nevada
American Tesla company

A current operation in the Truckee-Reno Industrial Center, which is situated about 20 miles east of Reno-Sparks, will be expanded as a result of the project.

However, the strategy moves the business one step closer to meeting its earlier targets of producing 50,000 Tesla Semi vehicles in North America by 2024.

The White House issued a statement announcing the plans on Tuesday, as Musk ended three hours of testimony defending himself in a class action lawsuit in San Francisco federal court over his operation of Twitter.

The focus of Wednesday's hearings in the complaint alleging that Musk deceived Tesla shareholders in 2018 with a tweet about an abandoned purchase was Musk's hurried and occasionally spectacular use of Twitter.

President Joe Biden's advisor on infrastructure, Mitch Landrieu, stated on Tuesday that Tesla's additional investment in Nevada is proof of the ongoing "manufacturing boom" that has been going on since Biden entered office two years ago.

In addition to advancing renewable energy and American security, he added, this initiative will generate 3,000 employees in Nevada.


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