Tesla shares climbed higher on Wednesday, after the electric vehicle maker filed for permission to expand its Texas gigafactory with almost $1 billion in new investment.
The company has requested the Texas Department of Licensing & Regulation for permission to add five new facilities to its newly-opened manufacturing hub near Austin. It mentioned in the filing that it intends to spend as much as $775 million over a multi-year horizon. According to the filing, the new facilities would include one for battery cell testing and another manufacture cathode and drive units. Tesla also plans to construct a die shop at the factory site.
The news of expansion plans comes less than a year from the factory’s official opening. Named “Gigafactory Texas” , it has over 10 million square feet of floor space. CEO Elon Musk mentioned that once the Texas factory achieves volume production, the company will focus on the Cybertruck – the production of the latter having been delayed multiple times.