Tesla is planning to increase its capital expenditure range by one billion dollars. The money could flow into the expansion of Giga Nevada, or possibly into a new plant in Mexico, for which there is new information about a possible location.
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Tesla has applied to the US state of Texas to expand its factory in Austin this year. The EV maker plans investments of more than $700 million to build new facilities for the testing and manufacture of battery cells, cathodes and drive units.
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Tesla has changed its investment plan, according to a filing with the US Securities and Exchange Commission (SEC). According to this, Tesla wants to invest between six and eight billion dollars per year until 2024. In addition, the Superchargers in the USA are to be opened to third-party brands.
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According to insiders, Tesla has managed to increase production at the Gigafactory Texas to thousands of Model Ys per week – also because the Longe Range version is now being built there in addition to the Standard Range version. Exactly how high these Texas numbers are, is not yet clear.
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Elon Musk has imposed a worldwide hiring freeze at Tesla and has plans to lay off ten per cent of the workforce because he has “a very bad feeling” about the economy. He has already confirmed the plans to Reuters.
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Tesla wants to equip the Model Y which will roll off the production line at the upcoming Gigafactory in Texas, with the new 4680 battery cells right from the start. There are also reports that up to 20,000 vehicles cannot be delivered because of a missing part.
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Tesla has received approval to build a huge hall on the Gigafactory site in Grünheide, near Berlin, possibly for the battery factory. Tesla is apparently also planning an expansion for Giga Texas, which is also under construction.
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The Gigafactories under construction in Texas and Berlin have been making progress despite the final permit for the site in Grünheide, close to the German capital still pending. Brandenburg state minister Jörg Steinbach is confident however to be able to grant final permissions before the year’s end.
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Tesla has just released its Q2 earnings in a report and live webcast. The company was able to report the fourth sequential quarterly profit, despite the Corona crises, as well as an increase in cash. Tesla boss Elon Musk also revealed more details about the new site of the new Giga factory in Texas.
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