Key Points
- Tesla has filed plans to expand its German giga-factory into Europe's largest car factory.
- The expansion would include the addition of a test lab for battery and more water treatment.
- Tesla aims to have the factory produce 1 million cars a year.
Tesla (TSLA) advanced after the electric vehicle (EV) giant announced plans to expand its German gigafactory into what could become Europe's largest car factory.
The company has filed requests with local authorities to make major changes to the facility near Berlin, including building a battery testing lab and adding more battery recycling. water.
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Tesla has said it would like to increase the number of cars made at the plant to 1 million per year, from around a quarter of a million now, and double battery production to 100 gigawatt hours per year.
The company added that the& #39;factory employment could grow from around 10,000 to possibly 22,500.
The expansion was pushed back by many local residents, who expressed concern about the possible impact on the environment, especially the use of water. They have until mid-September to file objections to the proposal.
Tesla shares are trading to a 10-month high and up 1.5% in early trading Wednesday morning after the news.
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Source: investopedia.com
