TESLA WILL INVEST S3.6B IN NEVADA TRUCK FACTORY EXPANSION

Tesla said it intends to invest $3.6 billion to expand manufacturing capabilities in Nevada and is confident growing software-related profits, reflected in record net income reported Wednesday for the fourth quarter of last year, will keep margins higher than any other automaker.

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The company confirmed it plans to produce high volumes of semi-trucks and make enough cell batteries for 2 million light-duty vehicles annually in Nevada.

Nevada Gov. Joe Lombardo posted a photo on Twitter of himself and CEO Elon Musk late Tuesday after the newly elected Republican announced in his first State of the State address Monday night that Tesla had committed to a “brand-new” manufacturing facility for electric trucks in northern Nevada

The project actually will expand an existing operation at the Truckee Reno Industrial Center, about 20 miles (32 kilometers) east of RenoSparks along Interstate 80. But the plan takes the company a step closer to accomplishing previously announced plans to ramp up Tesla Semi production to make 50,000 trucks in North America in 2024.

The White House issued a statement trumpeting the plans on Tuesday as Musk wrapped up three hours of testimony defending himself in a class-action lawsuit in a San Francisco federal court over his operation of Twitter, one of three major corporations he owns including Tesla and SpaceX.