The Tesla Gigafactory in Austin, Texas is currently 10 million square feet and the company plans to expand it by 50%.
According to recent filings submitted to the Texas Department of Licensing and Regulation, Tesla will be constructing new buildings and completing interior finish work at their electric vehicle plant. This expansion will add an additional 5.2 million square feet of space. Construction is set to begin immediately.
Reports from the Austin Business Journal state that owner Elon Musk owns thousands of acres in Travis and Bastrop counties for his various companies, including Tesla. The company first entered Texas in early 2020 and has since become one of the largest commercial building owners in the region. In addition, social media giant X recently listed its headquarters as being located in Bastrop where Musk’s Boring Co also has its headquarters.
With a significant increase in sales and stock price, Tesla’s stock reached a session high of $262.2 with trading volumes reaching approximately 200 million shares – marking its biggest gain since May 2013.
