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Elon Musk Hints At The Possibility Of A New Tesla Gigafactory In Asia Outside China

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Replying to a Twitter user, Tesla CEO Elon Musk hinted at the possibility of setting up a new Gigafactory in Asia, outside China. However, the company's is currently focusing on building its new facility in Berlin, Germany and a second factory in the US.

Currently, Tesla has vehicle production plants in Fremont, California, and Giga Shanghai, in China expand View Photos
Currently, Tesla has vehicle production plants in Fremont, California, and Giga Shanghai, in China

Highlights

  • Tesla plans to expand its Gigafactories in Asia, outside China
  • Currently the company is focused on Giga Berlin and a second US Giga
  • We believe India could also be a potential market for Tesla Gegafactory

California-based electric car manufacturer, Tesla Inc., might be considering opening a new Gigafactory in Asia, but this one will be outside China. Tesla CEO, Elon Musk recently hinted at the possibility of setting up a new facility while replying to a Twitter user, who asked if the company has plans to expand its Gigafactories in Asia, outside China. Musk replied to the user saying, "Yeah, but first we need to finish Giga Berlin and a second US Giga to serve eastern half of North America."

Currently, the company has vehicle production plants in Fremont, California, in the US, and Giga Shanghai, in China. Right now, Tesla is building its third production facility in Berlin, Germany, and is also planning a second factory within the US market, in Austin, Texas to serve the East Coast. Furthermore, the company is working on expanding the Tesla-Panasonic joint battery plant in Nevada and is also planning to build a battery research and manufacturing facility in Fremont, California.

Also Read: Tesla Mocks Shortsellers With Sale Of Red Satin Shorts

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Apart from the US, Tesla also manufactures cars at Giga Shanghai, in China and is building a new plan in Berlin, Germany

So, the second Asian Gigafactory is far for becoming a reality anytime soon, however, Musk saying that it is on the cards is still a big deal. South Korea and Thailand are certainly a couple of markets Tesla might consider, however, India could also be a potential market. Our country is currently witnessing a major surge in electric vehicles, and a lot of mainstream automakers like Tata Motors, Mahindra, Hyundai, and MG are already selling electric cars in the country. Plus, there is a huge demand for Tesla cars among potential EV buyers. In the past, Tesla did consider launching the Model 3 electric car in India, however, the company did not find it feasible to do so because of our stringent taxation structure on fully imported cars. However, a local production facility could open new avenues for both India, as well as Tesla.

Also Read: Tesla Shares Surge 13% As Strong Deliveries Drive Profit Optimism

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The Tesla Model 3 was considered for India, however, the company did not find it feasible due to India's stringent taxation structure for full imports

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Recently, Tesla delivered 90,650 electric cars in the second quarter of 2020 that ended on June 30 in the US. The carmaker was able to achieve this feat despite its Fremont, California-based factory being out of action owing to Covid-19 lockdown for most of the quarter. Tesla is currently the most valuable automaker in the world. The company's stock market value has touched $30 billion ( ₹ 2,24,805 crore), and the company's current share value stands at over $1,389 per share.

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