Tesla preps for huge expansion of Austin Gigafactory
Spencer Platt

Tesla (NASDAQ:TSLA) has applied with the Texas Department of Licensing and Regulation for a large expansion of the Gigafactory in Austin.
The Austin Business Journal reported that the expansion plan includes a $717M construction investment for an additional 1.4M square feet of space, which would bring the total size of the Gigafactory location to a whopping 5.6M square feet.
Work on the expansion is anticipated to start within a few weeks and be completed by February of 2024.
The Austin Gigafactory is already producing Model Y vehicles. Looking ahead, the site is expected to be used to make the Tesla Bot, Tesla Semi, and new vehicles built on the Gen 3 vehicle platform.
Tesla (TSLA) shed 0.25% in postmarket trading on Tuesday after shedding $0.77 during the regular session. Last week, shares threated to dip into double-digits before leveling off at $101.81.
What to watch: Tesla (TSLA) has an investor day scheduled for March 1 during which it may announce the location of the next gigafactory.