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Tesla plans to spend more than $770 million on Texas factory expansion

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Tesla has registered with the state of Texas to expand its electric vehicle factory in Austin this year.

January filings with the Texas Department of Licensing and Registration reveal that Tesla plans to spend more than $770 million building facilities there, including testing and manufacturing battery cells, manufacturing cathodes and drive units and a die shop, among other things.

The Austin Business Journal previously reported on Tesla’s plans and filings.

The Elon Musk-led automaker officially opened its electric vehicle and battery plant in Texas in April 2022, hosting a “cyber rodeo” party for shareholders and fans. Today, Tesla manufactures some of its Model Y crossover utility vehicles in Austin and also plans to mass-produce its sci-fi-inspired Cybertruck, an unconventional pickup truck.

After the company initially opened its Austin plant and another vehicle assembly plant outside of Berlin in Germany, CEO Musk called the two facilities “gigantic money furnaces,” in an interview with Tesla Owners Silicon Valley.

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