| 1:30 AM EST

Tesla Clarifies Details for German EV Plant

Tesla says its next electric-car factory, due to open in Germany 18 months from now, eventually will be able to make 500,000 EVs per year.
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Tesla says its next electric-car factory, due to open in Germany 18 months from now, eventually will be able to make 500,000 EVs per year.

When the facility opens in July 2021, it will employ about 3,000 people and make an estimated 150,000 Model 3 sedans and Model Y crossover variants per year. Employment will expand to 8,000 if and when the $4.4 billion complex in Gruenheide is fully developed.

Plant No. 3

The European factory announcement closely followed November’s opening of a giant Tesla assembly plant in Shanghai, its first such facility outside the U.S. The first Model 3s made in China are to be delivered to retail customers in China this week.

Tesla CEO Elon Musk has been talking since 2014 about setting up a full-blown car plant somewhere in Europe. The company began scouting sites in August after Musk hinted in April that he favored Germany because of its strong supplier base and central European location.

Price Cuts Ahead

Tesla has been marketing its $75,000 Model S sedan in Europe since 2013. Those cars are assembled locally at a relatively small prep center in Tilburg, Netherlands, from kits supplied from its home plant in California.

The company began selling American-made Model 3s in Europe a year ago, with prices starting at about $68,000. That price is likely to drop to around $58,000 once production gets underway in Germany.

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