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Tesla aims to build 500,000 vehicles per year near Berlin

BERLIN (AP) — Tesla plans to build half a million electric vehicles a year at its future factory outside Berlin.

Planning documents posted online Friday reveal that the U.S. automaker wants to construct Model 3 and Model Y vehicles at the site in Gruenheide, as well as "future models.".

The so-called Gigafactory — Tesla's fourth — will include facilities to assemble entire electric vehicles, including the production of batteries.

The plans will have to undergo an environmental impact review and public consultation.

Tesla aims to start operating the plant in July 2021, an optimistic time frame by German standards. Construction of a nearby airport for Berlin began in 2006 and the opening has been delayed for eight years.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Tesla (TSLA)
4.6993 of 5 stars
$352.56+3.8%N/A96.59Hold$230.18
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