Automotive

Tesla Investing $3.6B For Battery And Semi Production In Nevada

Tesla joins a growing slate of automakers announcing significant investments for manufacturing and production in the United States. The EV company will allocate a hefty $3.6 billion to its first Gigafactory in Nevada, expanding production for batteries and the Semi, which began deliveries to customers in late 2022.

The investment includes two new factories in addition to the current facilities already on-site. One will be dedicated to batteries, specifically a 100 GWh 4680 cell factory with the capacity to produce 1.5 million batteries per year. The second factory is all about the Tesla Semi, serving as a high-volume production facility for the commercial electric truck. These investments will add 3,000 jobs to the area. Tesla doesn’t provide a timeframe for construction or a planned completion date. There’s also no word on when hiring will begin. Tesla’s website currently shows over 350 job openings in Nevada.

The Tesla Semi debuted back in November 2017 with promises of long range and impressive performance while pulling a fully loaded trailer. Deliveries finally commenced on a limited basis in December 2022, with trucks capable of running 500 loaded miles on a charge. Tesla doesn’t offer production targets for the Semi once the dedicated plant is up and running.

Tesla’s $3.6-billion investment is only part of what’s quickly becoming a very expensive year for automakers in the US. In early January Mercedes announced $1B for a new EV charging network in the States. General Motors will spend nearly $1B on EV tech and V8 engine development. Hyundai and SK On are sending $5B to Georgia for a new battery factory. BMW has $1.7B for batteries in South Carolina, Honda and LG are investing $4.4B for batteries in Ohio, and Toyota will invest $2.5B in North Carolina. And those are just the billion-dollar investments announced within the last six months.

The latest news from Tesla is a stark contrast to the company’s position midway through 2022. Elon Musk called for a significant reduction in Tesla’s workforce and a hiring freeze, ultimately leaving 10 percent of salaried employees without a job.

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