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Tesla Seeks $776 Million to Expand its Texas Gigafactory

According to state filings, Tesla intends to invest nearly $776 million in expanding its gigafactory in Texas. 

According to the filings, the plan will include the addition of five new facilities to the company’s Austin site, including a cell test lab, a unit called “Cathode,” and drive unit manufacturing facilities. 

Construction on some of these projects is set to begin in the coming weeks. 

The move would be one of the company’s largest since the construction of its $5.5 billion gigafactory in Germany last year. 

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

The expansion comes on the heels of a difficult year for the company. Since reaching an all-time high in November, the company’s stock price has dropped by more than 71%. 

The company has also experienced several production hiccups at its Shanghai facility due to COVID-induced lockdowns and other logistical issues.