Tesla Searches For New Gigafactory Sites In US

Tesla Inc. TSLA is searching for new sites to build manufacturing plants for its all-electric pickup "cybertruck" and Model Y crossover SUV, Elon Musk said Tuesday.

What Happened

"Scouting locations for Cybertruck Gigafactory," Musk said on Twitter. "Will be central [United States]." The billionaire entrepreneur added that the automaker is also looking for a site on the east coast to make Model Y SUVs.

The billionaire entrepreneur added that the automaker is also looking for a site on the east coast to make Model Y SUVs. Tesla currently operates two gigafactories in the U.S., one in Nevada and the other in New York. The Palo Alto-based company opened its first such factory outside of the U.S. in Shanghai, China, in 2018, and production at the plant began late last year. Another gigafactory in Berlin, Germany, is currently under construction after a court cleared environmental charges filed by local activists.

Why It Matters

As noted by CNBC, Musk had suggested hunts for new Tesla gigafactories before that didn't materialize. Earlier last month, the Tesla CEO asked his Twitter followers if the automaker should open a gigafactory in Texas, which is neither in central U.S. nor the east coast.

Price Action

Tesla's shares closed 6.14% higher at $645.33 on Tuesday and tanked 3.10% in the after-hours session at $625.30.