Tesla says that it has already spent $6.2 billion in Nevada and hired 11,000 employees, while creating 17,000 local construction jobs building out its Gigafactory.
These numbers are higher than Tesla’s original 2014 plan, which was to spend $3.5 billion on a factory to produce 35 GWh of batteries annually, which would then hire 6,500 employees.
Since then, the EV market has expanded rapidly, which means 35GWh is still not enough to fulfill global demand for Tesla’s EVs.
Electric truck production results from heightened demand by online retailers such as Amazon and package shippers including FedEx and UPS.
According to data firm Allied Market Research, global sales of electric trucks were expected to grow by an average of 26.4% annually from 2020 levels, topping $3.8 billion by 2030.