Tesla's Q3 Earnings Preview: Record Deliveries and Giga Berlin Expansion
Tesla is gearing up to reveal its Q3 earnings later this month, capping off a quarter that saw record-breaking vehicle deliveries. Meanwhile, the company's German plant, Giga Berlin, is set to become the nation's largest car facility upon completion, outstripping Volkswagen's Wolfsburg plant.
Giga Berlin's expansion aims to double its annual production capacity to 1 million vehicles. However, Tesla has hit a snag in its plans. Local residents recently voted against clearing trees for the expansion, although the vote was advisory. The opposition has been vocal, with activists even taking to living in treehouses near the plant. Despite this, Tesla has received approval to build a new hall, marking the first step in its expansion plans.
The new hall will house a battery cell test lab, along with infrastructure for storage and logistics. However, Tesla is being cautious about the timing of its investment. Plant director André Thierig announced that further investments in the tesla stock will be suspended until European electric vehicle demand picks up.
Tesla's Q3 earnings announcement later this month will provide insights into the company's financial health following a strong quarter for deliveries. Meanwhile, the expansion of Giga Berlin continues, despite local opposition and a pause in further investments in the tesla stock pending a rise in European electric vehicle demand.
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