Tesla plans to invest an estimated $3.6 billion in battery and electric semi-truck manufacturing in Northern Nevada, the White House confirmed Tuesday.
The electric automaker headed by billionaire Elon Musk already has its Gigafactory in Storey County, east of Reno, where lithium-ion batteries and other electric vehicle components are manufactured. The investment is expected to expand its production capacity for the Tesla Semi, a cargo-hauling electric truck that was recently purchased by PepsiCo.
Few other details have been shared about the project so far.
Gov. Joe Lombardo teased the announcement during his inaugural State of the State speech on Monday night.
The Biden administration touted the development as a success in an American “manufacturing boom” under President Joe Biden, who has prioritized infrastructure investment. The administration funded two grants for battery materials processing and manufacturing in Nevada last fall: a $57.7 million grant to American Battery Technology Co. and a $50 million grant to Lilac Solutions.
“This announcement is the latest in more than $300 billion in private sector investment in clean energy and semiconductor manufacturing announced since the President took office,” Mitch Landrieu, Biden’s infrastructure chief, said in a statement. “It will create more than 3,000 good-paying jobs in Nevada helping America lead in clean energy manufacturing, strengthening our energy security, and ultimately lowering costs for families.”
Musk teased details about the Tesla Semi during the company’s third-quarter earnings call on Oct. 19. He told analysts the Class A trucks were expected to ramp up production in 2023, with hopes for 50,000 units produced in North America by 2024.
Tesla will release its fourth-quarter financial results after the markets close on Wednesday.
This is a developing story. Check back for updates.
McKenna Ross is a corps member with Report for America, a national service program that places journalists into local newsrooms. Contact her at firstname.lastname@example.org. Follow @mckenna_ross_ on Twitter.