Tesla confirms a US$3.6 billion (NZ$5.5b) investment at Gigafactory Nevada with expansion including a new 4680 battery cell plant and Semi electric truck manufacturing.
Its chief executive Elon Musk was joined by Nevada governor Joe Lombardo at a presentation of the expansion announcement.
InsideEVs reports Musk saying the second phase Giga Nevada expansion has a 500GWh annual target long term, but that he didn’t provide a timeline.
Tesla’s website adds the factory (for 4680 cell manufacturing) will have 100GWh initial capacity.
It’s reported some production at Giga Nevada will involve Tesla Energy battery storage products, which InsideEVs says means the new 4680 cells will be used in future battery storage systems like Powerwall and Megapack.
Meanwhile, the latest Tesla earnings report outlines improvements, with share prices expected to climb as a result.
It adds that Cybertruck production is due to start later this year.
Earnings were reported as US$1.19 per share (up from about $1.12 expected), revenue US$24.3 billion (compared to an estimated US$24.07b expected)
Tesla outlined automotive revenue of US$21.3b in the fourth quarter, representing 33% growth year-over-year.
It’s reporting adjusted net income of US$4.1 billion, nearly US$400 million more than Q3 and over US$1.3 billion more than a year ago, some media say.
Tesla said it has “sufficient liquidity” to fund its expansion plans.
In late 2022 and this year, Tesla cut prices on its new EVs around the world – although the result doesn’t show in the latest report.
Energy generation and storage revenue went up to US$1.31b.
Tesla didn’t issue new guidance but says it’s planning to increase production as quickly as possible, according to some reports.
Full year deliveries were about 1.31 million.
