Mon. Apr 22nd, 2019

Tesla denies that it is reviewing downwards its plans for Gigafactory

Tesla denies that it is reviewing downwards its plans for Gigafactory



The luxury electric car maker Tesla denied Thursday that it is revising down its plans for the production of vehicle batteries at the Gigafactory plant in Nevada (USA), which it has together with Panasonic.

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In a statement the manufacturer said that "both Tesla and Panasonic continue to invest substantial amounts in Gigafactory."

"That said, we believe that there is more potential to increase production by improving existing production equipment than previously estimated," the company continued.

"However," he added, "of course we will continue to make new investments in Gigafactory 1 as needed."

In this way Tesla reacted to reports in the press that the company and Panasonic were reviewing the expansion plans of Gigafactory, which is located in the US city of Sparks and produces batteries for Tesla vehicles, as well as PowerWall home storage units.

Other components of the Tesla Model 3 are produced at the Sparks plant; and the company has indicated that it could also be used to assemble its new vehicle, the SUV Model Y SUV.

Initially it was planned that the plant, in which 4,500 million dollars have been invested, increased its production by 50% by 2020, but press reports questioned the validity of these plans.

In his note, Tesla denied the details published: "And what is more important, contrary to what is involved in the information, our demand for cells continues to exceed the supply." It continues to be the main limit to the production of Tesla and Powerwall vehicles. Powerpack, "he said.

Despite the clarification by Tesla, the company's shares fell by 2.77% today and closed at 268.42 dollars.

The doubts about Gigafactory production forecasts are in addition to that last week Tesla reported that in the first quarter of the year delivered only 63,000 vehicles, well below the expectations of analysts.

Tesla pointed out that the numbers for the first three months of the year are the product of circumstantial circumstances and that the figures will recover in the next three quarters to complete the planned delivery of 360,000 to 400,000 vehicles by 2019.

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