Tesla Pursues Investment Over Buybacks? EV Maker Commits To Spending $3.6B, Hiring 3,000 Workers For Giga

TeslaInc. TSLA just announced an expansion to its Giga Nevada facility at a time the electric vehicle maker is facing challenges to its fundamental outlook.

What Happened: Tesla has committed to invest over $3.6 billion to grow Giga Nevada, the company said in a blog post. This investment will be used for setting up two new factories at the site, including a 100 gigawatt-hour cell factory and its first high-volume Semi factory.

The proposed cell factory will manufacture Teslas fully in-house manufactured 4680 cells, with the capacity to produce enough batteries for 1.5 million light-duty vehicles. The company also plans to add 3,000 new team members with the proposed expansion.

Commenting on the development, Ross Gerber, a Tesla bull, said, Pay attention Tesla trucks are coming in large amounts.

Tesla noted that it has invested $6.2 billion in Nevada since 2014 and to date, the Giga has produced 7.3 billion battery cells, 1.5 million battery packs, 3.6 million drive units and one million energy modules. It has thus far provided employment to 11,000 people.