Tesla invests $3.6 bn in Nevada, will add 3k new team members

SAN FRANCISCO: Elon Musk-owned Tesla has announced that it will be investing over $3.6 billion. Elon Musk-owned Tesla has announced that it will be investing over $3.6 billion more to continue growing its Gigafactory in Nevada in the US and will also add 3,000 new members to the team.

The company also said that it will add two new factories a 100 GWh 4680 cell factory (with a capacity to produce enough batteries for 1.5 million light-duty vehicles annually), as well as its first high-volume Semi factory.

"Semi is our fully electric combination truck, with 500 miles of range and energy consumption of less than 2 KWh per mile," said Tesla in a blogpost. In 2014, Tesla invested $3.5 billion in Nevada with its first Gigafactory to build a facility capable of producing 35 GWh of battery cells annually enough to manufacture about 500,000 vehicles per year.

Moreover, the electric car-maker said it has invested $6.2 billion in Nevada and built a 5.4 million square foot Gigafactory since 2014. The buildout alone provided 17,000 local construction jobs, the blogpost mentioned.

Meanwhile, Tesla drastically lowered the prices of EVs across its lineup in the US and Europe, in an effort to boost sales as its stock plummeted more than 60 per cent. The least expensive EV, the Model 3 RWD, has dropped from $46,990 to $43,990.

Moreover, the 5-seat Model Y Long Range's price decreased 20 per cent from $65,990 to $52,990. Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor