The Tesla Gigafactory in Austin, Texas will be getting new additions later this year, according to filings with the state’s Licensing and Regulations agency.
The Gigafactory opened last spring with a cowboy-techno themed celebration sold as a “cyber-rodeo” show. Since then, it has been hard at work manufacturing the company’s Model Y Crossover SUV.
The new additions are expected to cost the automaker $770 million, but will make important expansions to the plant’s operations. One of its main upgrades will make it capable of battery manufacturing. With the EV tax incentive hinging on whether certain components, primarily batteries, are made on U.S. soil, it makes sense for the Gigafactory to help with domestic production.
Although its unclear if the expansion is related, Tesla also plans to build its Cybertrucks at the Austin Gigafactory. The polygonal pickup earned equal amounts of jeers and praise for its unique design, but rather than backing down, the automaker seems even more keen on making it a success. Electric pickups are still rare, but despite initially having the playing field to itself, the truck now faces steep competition, after Ford entered the best-selling F-150 Lightning into the market.
Regardless of what additions are made to the Gigafactory, every move Tesla makes this year will be closely scrutinized. Its CEO, Elon Musk, is still holding the reins on Twitter, and remains quite vocal on the platform despite promising to step down last month. The brand’s market share and stock value also shrank throughout 2022, leaving investors worried about its financial prospects. However, the Gigafactory expansion is likely to be a positive move for the company, and will hopefully assist its production aims for the new year.
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