Editorial & Advertiser disclosure
Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Tesla ups investment in boost to Berlin battery cell production
Tesla’s Increased Investment and Expansion Plans in Berlin
Overview of the New Investment
BERLIN, May 12 (Reuters) – U.S. electric vehicle maker Tesla will increase its investment in battery cell production at its plant outside Berlin by almost $250 million, boosting its capacity target for the site, the company said on Tuesday.
Background: Previous Investments and Strategy
Tesla announced in December investments amounting to almost 1 billion euros ($1.2 billion) at the site in Gruenheide, south-east of the German capital, as it seeks to bring battery cell and vehicle production all under one roof from next year.
Capacity Expansion Details
With the latest investment, Tesla plans to create the conditions for annual production capacity of 18 gigawatt hours, up from a previously planned 8 GWh.
Impact on Employment
“The ramp-up of battery cell production will also be accompanied by a significant increase in labour demand,” the company said in a statement, estimating its staffing needs in battery cell production at more than 1,500 employees.
Current Workforce at Gruenheide
Tesla currently employs almost 11,000 people in Gruenheide, the company’s only gigafactory in Europe.
Additional Information
($1 = 0.8519 euros)
(Reporting by Christoph Steitz and Rachel More; Editing by Linda Pasquini and Emelia Sithole-Matarise)
Advertisement
