Tesla Eyes Over $770M Spend In Giga Factory Expansion

Texas Department of Licensing and Registration filings disclosed that Tesla, Inc TSLA plans to spend over $770 million on constructing electric vehicle facilities there.
Tesla earmarked funds for activities including battery cell testing and manufacturing, cathode and drive unit manufacturing, and a die shop, among other things, CNBC reports.
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The Elon Musk-led EV maker officially launched its Texas electric vehicle and battery factory in April 2022.
Today, Tesla manufactures some of its Model Y crossover utility vehicles in Austin and looks to monetize its science fiction-inspired Cybertruck.
After Tesla initially introduced its Austin factory and another vehicle assembly plant outside of Berlin in Germany, Musk called both facilities "gigantic money furnaces" in an interview.
Tesla held $21.1 billion in cash and equivalents as of September 30.
Price Action: TSLA shares traded higher by 2.27% at $121.55 premarket on the last check Wednesday.
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