Tesla’s New $700 Million Gigafactory Expansion

Daily Profit Investing Research
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Battery Sales

It’s official.

Tesla (NASDAQ: TSLA) just applied with the Texas state department of licensing for a $700 million expansion of their Gigafactory in the state.

With a massive shortage of battery factories…

And Elon Musk’s plans to make 20 million EVs per year…

This is his new step to secure Tesla’s battery production.

Tesla has already built Gigafactory locations in Nevada, Texas, Shanghai, and Berlin. And every other automaker and battery maker is rushing to catchup.

There’s currently a massive battery Gigafactory race underway.

  • Toyota is building a $3.8 billion battery factory in North Carolina. The plant will open in 2025 and produce batteries for 800,000 EVs per year.
  • China’s CATL is building Europe’s biggest Gigafactory for $7.5 billion. The factory aims to produce batteries for 200,000 EVs per year.
  • Honda and LG Energy are investing $4.4 billion. The exact location hasn’t been disclosed – yet the plant will produce 400,000 batteries per year.
  • Tesla is considering a new battery Gigafactory in Canada. This could allow the company to source battery metals from the resource-rich country. And it would give Tesla additional battery capacity in close proximity to its U.S. factories.

And the latest development in this Gigafactory Race is Tesla’s request for $700 million expansion of their Gigafactory in Texas.

There are currently 25 battery gigafactories under construction or planned for the U.S. Plus, Europe has another 40 gigafactories in various stages of development.

Tesla (NASDAQ: TSLA), General Motors (NYSE: GM) and Ford (NYSE: F) are rushing to open new battery Gigafactory locations.

They’re also working to secure access to limited battery metals. That’s because there’s a huge shortage of lithium, nickel, cobalt and graphite. And you simply can NOT make EV batteries without these metals.

Several tiny stocks are signing agreements with Tesla, GM and Ford. And these stocks could see shares surge on the next major news announcement.

Let’s add some context to the battery boom…

Morgan Stanley expects the battery market to hit nearly $525 billion – a 2,400% increase in two decades.

Battery Sales Soaring 2,400%

Battery Sales

A major transformation is underway.

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