Based on the company's registration documents filed with the Texas Department of Licensing and Regulation, Tesla plans to build additional facilities for a battery cell testing lab, cathode and drive unit manufacturing facilities, and die shop.
Tesla official opened its initial Austin-based factory in April 2022 along with another vehicle assembly site located near Berlin, Germany. In true Elon Musk style, these milestones were commemorated with a "Cyber Rodeo" party with ~15,000 attendees. It is over 10 million square feet and is considered to be the second-largest building in the world, by volume.
The last year hasn't been without challenges for Tesla and its shareholders. For starters, its stock price plummeted from $310 a year ago to $133 as of January 20, 2023. Falling electric vehicle demand, production backlogs, tumultuous leadership are keeping investors on their toes.
To add salt to the wound, Tesla had to slash prices on its Model 3 electric sedan and Model Y electric crossover vehicles by 6% and 13% for Chinese buyers, respectively, citing a decline in deliveries of its EVs in the country (according to reports by the WSJ). The Model 3 now sits at $32,700 per vehicle (30% discount to the price tag for US buyers) while the Model Y sits at $37,000 (37% discount to the U.S. price). This could play out well (i.e. boosting demand) or poorly (i.e. U.S. based buyers hold off in hopes that the price they will have to pay also declines).
In a back-and-forth on Twitter with Ross Gerber, lawyer and CNN commentator, Elon Musk responded to his tweet that "Tesla stock price now reflects the value of having no CEO. Great job tesla BOD - Time for a shake-up. $TSLA". Musk defended Tesla's stock performance by replying that "As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop." Musk has sold over $4 billion in Tesla stock to fund his portion of the Twitter buyout. which definitely hasn't helped the stock's performance.
Investors are in high anticipation of Tesla's next Investor Day on March 1, 2023 during which they expect to hear updates on the company's performance and plans for the Gigafactory expansion.