Tesla (TSLA) To Open First European Gigafactory In Berlin
Zacks Investment Research | Nov 13, 2019 09:02PM ET
Tesla’s (NASDAQ:TSLA) electric revolution continues. The pioneer in the electric vehicle (EV) space has garnered reputation as the gold standard. In less than three weeks of commencement of trial production at the Shanghai Gigafactory, it has announced the location of its second factory outside the United States.
During the third quarter, Tesla stated that it would announce the location of its European Gigafactory before the end of this year and the company’s CEO Elon Musk kept the promise. He announced his decision to build the company’s first European factory at Berlin during the German car awards ceremony on Tuesday. Musk also made a more official announcement by tweeting “GIGA BERLIN.” The plant would build batteries, power trains and vehicles, starting with the Model Y sports utility vehicle.Car production in the Berlin Gigafactory is expected to begin in late 2021.
Tesla’s Germany Plans Seem to Make Much Sense
While the United Kingdom was Tesla’s original choice for the factory, uncertainty over the nation's exit from the European Union made matters risky.
Germany seems to be a logical choice for Tesla’s European Gigafactory as the country is the biggest market for EVs with huge potential. As we know, Germany is the automotive hub with engineering prowess, and is home to various auto biggies like Volkswagen (OTC:VWAGY) , Daimler AG (OTC:DDAIF) and BMW Original post
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