Tesla Inc. has applied for a nearly billion-dollar expansion of its Austin, Texas, gigafactory.
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According to filings dated this week with the Texas Department of Licensing and Registration, Tesla is planning an investment of roughly $717 million to add about 1.4 million square feet of space at the auto factory, for a total of about 5.6 million square feet.
The addition includes five new facilities, including a lab for battery-cell testing, a die shop and manufacturing space. Plans indicate construction could begin as soon as later this month and be completed by February 2024.
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The plans were first reported by the Austin Business Journal.
Tesla opened the Austin facility last April. A little more than a month later, CEO Elon Musk said the new gigafactories in Austin and Berlin, Germany, were “gigantic money furnaces” that were losing billions of dollars as supply-chain snags slowed production.
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Tesla shares
TSLA,
have sunk 67% over the past 12 months, compared to the S&P 500’s
SPX,
17% decline over that time.
