Tesla seeks $776 million extension to Texas gigafactory

Tesla plans to invest nearly $776 million to expand its gigafactory in Texas, according to documents filed online with the state.

The plan will include adding five new facilities to the company’s Austin site, including a cell testing lab, a unit named “Cathode” and drive unit manufacturing facilities, according to the documents. deposited.

The Tesla Inc logo.

The Tesla Inc. logo is seen on the grille of a Model X electric vehicle at the Tesla Club Moscow in Moscow, Russia, Friday, July 20, 2018. T (Photographer: Andrey Rudakov/Bloomberg via Getty Images/Getty Images)

Construction on some of these projects is expected to begin within weeks.

The move would mark one of the company’s biggest expansions since building its $5.5 billion gigafactory in Germany last year.

The Texas gigafactory, which opened in April last year, has more than 10 million square feet of floor space and is used to manufacture some Tesla Model Y vehicles.

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The expansion also follows a difficult year for the company. The company’s stock value has fallen more than 71% since hitting a record high in November.

The company also encountered a number of production issues at its Shanghai factory as it dealt with COVID-induced lockdowns and other logistical issues.

Fourth-quarter delivery figures were also lower than analysts’ estimates. The Jan. 2 statement showed deliveries for the electric vehicle maker missed by about 13,000. According to the report, Tesla delivered 405,000 vehicles in the quarter, below consensus guidance of 418,000.

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Tesla did not respond to FOX Business’ request for comment.

Joe Toppe of FOX Business and Reuters contributed to this report.

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