Tesla, Inc. TSLA CEO Elon Musk on Friday posted about a visit to the company’s Giga Berlin factory, where he reportedly said the electric vehicle giant’s low-end vehicles would be manufactured.
What Happened: “At Giga Berlin today to congratulate the team on their excellent progress,” Musk posted on X. He remarked that the factory looked amazing.
“Giga Berlin – Das Juwel Deutschlands,” the billionaire said in a separate post, which, when translated, means the Giga Berlin is the jewel of Germany.
An unofficial X handle that updates news concerning Giga Berlin said in a post that Musk announced during his visit to Giga Berlin that a €25,000 Tesla would be built there.
See Also: Everything You Need To Know About Tesla Stock
Why It’s Important: Giga Berlin is Tesla’s fourth Gigafactory, following the Fremont factory in California, Giga Nevada and Giga Shanghai. The factory manufactures Tesla’s Model Y EVs that is supplied to the region. Previously, Tesla exported Model Ys from the Shanghai factory for supply to the European market.
Previous reports suggested that Tesla could be building its next-gen, affordable EVs at Giga Mexico. There were also rumors of the company designing and initially manufacturing the €25,000 vehicle at Giga Texas.
As Tesla struggles to push volume, Future Fund’s Gary Black sees the launch of the next-gen EV to be a key catalyst that can lift the stock.
Tesla stock ended up 0.66% at $219.96, according to Benzinga Pro data.
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