Electric vehicle maker Tesla (TSLA) says it will spend $770 million U.S. to expand its manufacturing plant in Austin, Texas this year.
The expansion will include new facilities for battery cell testing and manufacturing, cathode and drive unit manufacturing, and a die shop, among other additions, according to the company.
The Texas manufacturing plant opened in April 2022. Tesla manufactures some of its Model Y crossover utility electric vehicles in Austin and plans to produce its upcoming Cybertruck at the facility.
Tesla also opened a manufacturing plant in Berlin, Germany last year and runs a production facility in Shanghai, China.
Tesla’s stock has declined 67% over the past year, including a 30% decline since the start of December. The company’s share price is currently $118.85 U.S.
