Tesla Inc will on Thursday hold an event to mark the opening of its $1.1 billion factory in Texas, which will help ramp up production of electric vehicles and batteries critical to its growth ambitions.
Combined with a new Berlin factory, the Austin factory is expected to double the company's annual production capacity to 2 million vehicles. Tesla said it would also expand production at factories in California and Shanghai. Tesla has said it expects 50% annual increases in deliveries over a multiyear period.
The invite-only event, which will start at 4 p.m. local time on Thursday, will encompass interactive tours accompanied by food and various live entertainment, Tesla said.to make the rear and front of the cars at new factories, in a bid to reduce manufacturing time and costs. "One of the challenges they've got right now is because Tesla has not been able to launch volume production of their 4680 cells," Guidehouse Insights analyst Sam Abuelsamid said.Tesla is expected to produce lower-range, lower-priced versions of its Model Y at it Texas factory to fend off growing competition from rivals. It has recently received certificates from the U.S.
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