Tesla, Inc., the world’s leading electric car manufacturer, has just announced plans for a major expansion of its Texas-based factory that could add up to $770 million in additional investment. The news comes on the heels of Tesla’s highly successful rollout of its Model S, Model X, and Model 3 electric vehicles.
The expansion of the Tesla Texas factory will be a substantial undertaking, with the company expecting to increase the facility’s capacity by 800 percent over the next two years. That increased capacity is expected to result in the production of three million vehicles per year, which is a huge jump from the current rate of 200,000 annually. It also marks a significant investment in the Lone Star State, with the expansion accounting for some 3,000 jobs in the region.
The additional space and capacity will certainly come in handy for Tesla, as the company has experienced skyrocketing demand for its cars over the past several years. That demand is expected to continue in the years ahead, with the company hoping to make the use of renewable energy sources the norm rather than the exception.
Tesla’s expansion of its Texas facility is just another example of the company’s commitment to developing innovative solutions in the electric vehicle space. The company has already taken its self-driving technology to the next level, and its expansion of its Texas facility shows that it is serious about meeting the massive demand for its products.
So Tesla’s decision to invest $770 million in its Texas-based factory should come as no surprise. It’s just another indication of the company’s dedication to disrupting the traditional auto industry and transitioning the world to electric-powered vehicles. With this decision, Tesla is sending a powerful message to other companies—that electric vehicles are a viable option for the future.