Daily Management Review

Tesla to invest €4.4 bln in its first European plant


Tesla intends to invest €4.4 billion in its first European plant, which will be built in Berlin, reports Bild am Sonntag. The plant will produce batteries and electric cars of the company.

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Production of cars will reach 150 thousand cars a year, the publication says. The company plans to hire 3 thousand employees at first, and eventually increase its staff to 7 thousand people.

Elon Musk announced the construction of Tesla's first plant in Europe last week at the awards ceremony for the winners of the annual competition Golden Steering Wheel, held under the auspices of the newspaper Bild am Sonntag and the industry publication Auto Bild. Then, Mr. Musk wrote on his Twitter that the Berlin factory would produce batteries, electric motors and electric cars, starting with the Model Y, which is due to be put into production next summer. In addition, a Tesla design and engineering center will be created in Berlin.

Gigafactory 4 will become the fourth Tesla plant in the world and the second outside of the USA. Gigafactory 1 operates in Nevada, Gigafactory 2 - in Buffalo, New York, and Gigafactory 3 - in Shanghai.

source: bild.de