Tesla Motors Inc.‘s California factory shall nearly double in size and the facility’s production increase to 500,000 automobiles each year, as per a long-lasting zoning proposition released by the local government.
Tesla’s proposal to permit growth of the center in Fremont, California, which dates to the 1960s, is a action in the company’s effort to prepare for significant development. CEO Elon Musk wants to produce a million automobiles a year by the end of 2020. He developed about 50,000 automobiles in 2015 at the Fremont plant.
The anticipated arrival of Tesla’s Model 3 sedan next year shall extend the Palo Alto, California, automaker’s reach beyond the market for high-end electric vehicles. The $35,000 cars and truck is part of Musk’s strategy to draw in the masses. Strong early demand for the Model 3 led the business to move its objective of making 500,000 automobiles a year to 2018 from 2020.
Tesla’s long-term item technique includes an electric pickup, small sport-utility automaker and big business vehicles. The company has stated it will need to raise additional money to assist bring production of the Model 3 online, even as it is attempting to finish a merger with SolarCity, a solar-energy business where Musk is likewise chairman and the biggest investor.
