Tesla Is Expanding Its Footprint in Nevada. The Stock Is Dropping.
Updated Jan. 24, 2023 9:48 pm ET / Original Jan. 24, 2023 9:47 pm ET
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Tesla had to cut prices recently to increase demand, but that isn’t stopping it from expanding its manufacturing capacity at its Gigafactory in Nevada. Investors should be pleased, although they might have preferred the money be used on stock buybacks.
In a Tuesday blog post, the company announced $3.6 billion in investment for facilities in Nevada. Tesla (ticker: TSLA) will build a battery factory capable of producing 100 gigawatt hours of 4680 batteries a year as well as a manufacturing plant for the Tesla semi-truck.