Tesla Planning To Build 3 New Gigafactories, Is It Feasible?

Tesla has already committed billions to build its gigantic "Gigafactory" in the Nevada desert, which has already begun producing lithium-ion batteries last month. Now, with the success that the factory is having, the company wants to open more in other locations.

Tesla to Build More Gigafactories

According to AZ Family, Tesla said on Wednesday that it expects to finalize locations this year for three more Gigafactory locations. That would bring the total number of Gigafactories in the U.S. to five, including a solar plant located in New York.

It is still unclear if the new factories will be as large or as costly as the 5.8 million square foot Gigafactory in Nevada, but the additional locations potentially could help Tesla in its quest to become a sustainable energy company.

Tesla's Move Could Propel It Even Further

The recent announcement came as part of Tesla's 4th quarter earnings results. Tesla has just posted a loss of $121.3 million for the current quarter, less than what the company has expected, but breaking its all too brief stretch as a profitable business.

Tesla has also reported a rare profit in the previous quarter after CEO Elon Musk convinced his employees to slash costs and deliver every car the company could possibly can. Musk had also said that Tesla might be profitable again this quarter, but it was not to be.

Tesla To Continue Growing As A Company

According to PaulTan.org, Tesla's stock increased by 3% in after-hours trading Wednesday following its earnings report. The stock has even surged at 30% this year on investor optimism for the launch of their latest Model 3, its first mass-market car. Tesla has also confirmed in its latest earnings report that the Model 3 is on track to start production in July 2017.  Indeed, Tesla is, yet again, on the verge of another successful year.

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