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Tesla (TSLA) CEO Elon Musk kicked off the grand opening of the company’s new Texas gigafactory on Thursday with a chaotic show of lights, music, and futuristic technology.
The Austin plant, Tesla’s fourth worldwide, will produce the Model Y SUV and the much-anticipated Cybertruck next year. Bullish on Tesla Kevin Paffrath believes that this is just the beginning of the electric vehicle industry.
“I think we’re going to receive between five and ten new plants in the next two years, and that’s tremendously bullish for Tesla investors,” said Paffrath, a financial analyst and YouTube celebrity.
The event functioned as a public introduction of the new $1.1 billion manufacturing plant, which was exclusively open to invitees. The “Cyber Rodeo” celebration, which featured attractions and an inside look at the vast complex, was projected to draw up to 15,000 people.
Paffrath said “to walk from one end of the Giga factory to the other, long ways,” will indeed take “an hour and a half.”
Musk, the world’s richest man, described the Austin plant as “the world’s largest manufacturing building by volume” and the “most advanced vehicle factory the world has ever seen,” with a current estimated net worth of roughly $280 billion.
“We think, over time, this will be the biggest cell factory in the world,” Musk said during the occasion, confirming that Tesla is making battery cells at the facility. Tesla is very much a robotics company,” according to Paffrath, and “that’s what you see and feel” at the Austin facility.
Tesla Motors was founded in July 2003 by Martin Eberhard and Marc Tarpenning as a tribute to inventor and electrical engineer Nikola Tesla. Elon Musk, co-founder of X.com, became the company’s largest shareholder and chairman in February 2004 with a $6.5 million investment. Since 2008, he has been the company’s CEO. Tesla’s mission, according to Musk, is to assist accelerate the transition to sustainable transportation and energy, which will be achieved through electric vehicles and solar power.
Tesla’s first automotive model, the Roadster sports car, was introduced in 2009. The Model S sedan debuted in 2012, the Model X SUV debuted in 2015, the Model 3 sedan debuted in 2017, and the Model Y crossover debuted in 2020.
Musk unveiled his updated Tesla master plan on July 20, 2016. It comprises more cheap automobiles produced in larger quantities, solar roofs, mid-size vehicles, SUVs, and pickup trucks, as well as the refining of autonomous vehicles and the formation of a sharing economy in which cars can be active even when the owner is not using them.
Tesla had also planned to create a minibus using the Model X platform, however Musk said in May 2017 that he could prefer a 10–12 person Model X over a separate minibus design. “We’re not going to do motorcycles,” Musk said in 2018 when asked about a Tesla motorcycle.