Tesla reports record income; confirms Nevada truck expansion

By SCOTT SONNER
Associated Press

SPARKS, Nev. (AP) — Tesla says it intends to invest $3.6 billion to expand manufacturing capabilities in Nevada and is confident growing software-related profits will keep margins higher than any other automaker. The company confirmed it plans to produce high volumes of semi-trucks and make enough cell batteries for 2 million light-duty vehicles annually in Nevada. The Austin, Texas, maker of electric vehicles and solar panels posted record net income Wednesday for the fourth quarter of last year. The Nevada expansion advances Tesla’s plans to make 50,000 trucks in North America in 2024. The White House said the expansion is proof of a continued manufacturing boom since President Biden took office.

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