Money Musk: Tesla plant near Berlin becomes world's largest battery factory - share at record high

17:30  24 november  2020
17:30  24 november  2020 Source:   finanzen.net

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By Simon Alvarez. Posted on November 24, 2020. During the European Battery Conference organized by the Federal Ministry of Economics, Tesla CEO Elon Musk mentioned a key detail about the electric car maker’ s plans for its local battery cell production plans.

Musk said via Twitter that Tesla "will build batteries , powertrains and vehicles, starting with Model Y" lower-priced sports utility vehicle at the factory . Musk is visiting Berlin for the annual Goldene Lenkrad (Golden Steering Wheel) automotive awards organized by car magazine Autobild, an offshoot of the

Tesla boss Elon Musk wants to make the future plant of the electric car manufacturer near Berlin also the world's largest battery factory.

Peter Bischoff/Getty Images © Provided by Finanz.net Peter Bischoff / Getty Images

This was announced by Musk on Tuesday in a video-broadcast appearance at a conference on the European battery industry.

Tesla plans to build around 500,000 compact Model 3 and Model Y cars in Grünheide near Berlin. It is the first plant to manufacture both cars and batteries. Musk also announced new compact models especially for the European market and longer ranges than before. He did not provide any information on time periods.

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BERLIN — Tesla plans to open a factory near Berlin that would make batteries , powertrains and Mr. Musk provided few details about the plant , which would be Tesla ’ s first major factory in Europe Germany, Europe’ s biggest economy, is quickly becoming the European battleground for building

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The Tesla boss had already announced in September that batteries were only half as expensive and an electric car for 25,000 dollars for the next three years. On Tuesday he said that the more environmentally friendly, cheaper and more powerful batteries should be manufactured in Berlin. Tesla needs large battery packs for the electric semi-trailer truck, which is currently being prepared for market launch, and for the future cybertruck pickup.

The President of the Association of the Automotive Industry (VDA), Hildegard Müller, spoke of "strong news" for Germany as an automotive location. "With the support of Federal Economics Minister Peter Altmaier (CDU), the largest battery factory in the world is being built." We welcome the project, to manufacture the most environmentally friendly battery cells in Germany. This will create 10,000 jobs. "

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Tesla has so far produced batteries in Nevada, while the majority of vehicles are built at the parent plant in Fremont, California. Last year, the car manufacturer also opened a plant in China.

The" European Conference on Batteries "was held in During the German EU Council Presidency organized by Federal Minister of Economics Altmaier.

The EU conference dealt with the two major European battery alliances with already 500 industrial participants and more than 60 companies. The first of the two projects of common European interest (IPCEI) with seven EU member states had already been approved under state aid law a year ago and supported with 3.2 billion euros. Participants include the car manufacturer BMW , the chemical company BASF and the battery manufacturer Varta .

The second consortium is "in the final phase "and shortly before the end, said the Vice President of the EU Commission, M aros Sefcovic. "It would be best if that could be done before the end of the year." Tesla had expressed an interest in participating. Altmaier has not yet announced whether the US electrical manufacturer is actually among those involved. "We remain true to our tradition: only when the IPCEIs have been applied for and approved will we make the details public." According to Altmaier,

Musk originally wanted to record a video message for the battery conference, but then took part in person. "That was a very important confirmation that our cooperation is on an important path, as a European, also with Elon Musk," said Altmaier. The CDU politician also emphasized that he was working with many companies from Asia, such as the battery manufacturers SVOLT or CATL, which is building a factory in Erfurt, Thuringia. "We don't see the whole thing as either or, but as both and."

In early NASDAQ trading, Tesla shares temporarily rose 3.19 percent to $ 534.70. BERLIN (Dow Jones) / BERLIN (dpa-AFX)

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