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Tesla Motors Inc (TSLA) Model 3 Factory Expansion in Full Swing

Tesla Motors Inc (NASDAQ:TSLA)

Tesla Motors Inc is planning for a massive expansion in 2017 and its rivals in the EV market will find it much harder to keep up. Many people believe firm has gone very far too fast and that its growth will soon reach a plateau. The firm has however managed to make a mockery of such forecasts at every turn and its seems a new feat that the firm records is usually a stepping-stone to a much bigger feat.

You might also be of one of the people who believe that Tesla’s growth will soon peak but almost 400K people disagree with you. The firm’s mass-market Model 3 won’t hit the roads until late 2017; yet, about 400K people placed a pre-order backed by $1000 deposits.  The yet-to-be-built Model 3 is sold out even though rivals such as the Bolt from GM are already on the market. Musk believes that its growth story is just starting and the firm is about to double the size of its factory in Fremont, CA.

Tesla to doubles Fremont CA factory

Fresh news over the weekend shows that the Tesla Motors Inc has gotten approval from the city of Fremont to go ahead with its plan to expand its production plant in the city. The new plan submitted to the city will see Tesla almost doubling the total size of its Fremont plant by adding about 4.6 million square feet of manufacturing space. The EV maker plans to add some 11 new buildings to the plant – some of the new buildings will be as big as 1 million square feet while others will be as small as 118,000 square feet.

The firm recently added a new state-of-the-art paint shop to the Fremont facility. Hence, it doesn’t take much analysis to conclude that the expansion plan is in line with Musk’s plan to increase his manufacturing abilities as its brand continues to grow.

Interestingly, the approval that Fremont gave Tesla marks a win-win situation for both the EV maker and the city. The firm currently employs some 6,210 workers in its Fremont plant and about 1,000 of those workers reside in Fremont.  Tesla would need to hire about 3,100 more workers when it adds the new assembly lines; hence, Fremont can expect a boost in the local economy because of Tesla’s presence.

Tesla Motors Inc (NASDAQ:TSLA)

More Superchargers are coming to locations near you

In line with Tesla Motors Inc growth plans, the firm has revealed its plan to build more supercharges in 2017. A glance at the Supercharger Map on Tesla’s website shows that the firm is planning to build superchargers in ‘dead zone’ locations so that you can take your Tesla as far out as you want. You can expect Superchargers to spring up in new locations in North Dakota, Texas, West Virginia, and Arkansas among others.

The firm also plans to open new Supercharger locations in Hawaii, Mexico and Southern Canada as part of its international expansion plans. Tesla must build new superchargers (and fast) in order to avoid long lines (read chaos) at its charging stations when it meets its goal of building 500,000 car per year.

The firm has recently announced that it would start charging people who hog supercharger stations as part of efforts to make sure that everybody gets a change to juice up with minimal delays.

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.