There is a huge Gigafactory race underway in America.
Congress just passed the Inflation Reduction Act – providing a $7,500 tax credit for EVs sold in the U.S.
The bill requires that the car is assembled in the U.S. And that the battery is also “Made in America.”
Every automaker and battery technology company is racing to build battery a Gigafactory.
Tesla (NASDAQ: TSLA) is obviously the leader. In fact, the company coined the term “Gigafactory” when they opened Gigafactory Nevada in 2016.
In April Tesla opened Giga Texas. The 4.3 million square foot building is three-times the size of the U.S. Pentagon – and it’s the second largest building in the world.
Over 24 battery Gigafactory locations are being built across America. And move initiatives are being announced every week.
- General Motors and LG are using $2.5 billion from the U.S. government to build 3 battery factories in Michigan, Ohio, and Tennessee
- Tesla co-founder is building a $3.5 billion battery recycling plant in Nevada
- Panasonic is investing $4 billion to build a lithium-ion battery factory in Kansas
- General Motors spending $7 billion on EV factories in Michigan
- Tesla Giga Texas is expanding with another 500,000 square feet
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All of these initiatives have been announced in recent weeks.
A handful of tiny stocks are signing agreements with Tesla, GM and Ford. And these stocks could see shares surge on the next major news.
The Inflation Reduction Act simply add fuel to the fire…
First, the bill provides billions in government funding for building new EV battery factories in the U.S. It also provides capital for converting existing facilities to produce batteries.
Second, the bill requires that 50% of the components in a battery must be made in the U.S. or an allied country (NOT China). If batteries don’t meet this threshold – a consumer can’t claim the $7,500 tax credit.
This is just the start…
Within 7 years the U.S. government will require that 100% of EV batteries be made in the U.S.A.
Tesla CEO Elon Musk has been ahead of the curve for years.
The company is signing agreements directly with battery metal mining companies and refiners. This includes making sizable investments and supply agreements with companies in the U.S., Canada and Australia.
Plus, Tesla is already up and running with two Gigafactory locations in the U.S.
So, what’s next for Tesla?
Elon Musk is just days away from releasing The Secret Master Plan 3.0.
The plan will reveal HOW Tesla will produce 20 million EVs per year. And how the company plans to expand battery production by 3,000%.
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