Has my stock been accused of fraud?Join over 160k users who know.

Ticker Price Change($) Change(%) Shares Volume Prev Close Open Gain($) Gain(%)
Ticker Status Jurisdiction Filing Date CP Start CP End CP Loss Deadline
Ticker Case Name Status CP Start CP End Deadline Settlement Amt
Ticker Name Date Analyst Firm Up/Down Target ($) Rating Change Rating Current

News

Elon Musk's Boring Company Is Making A Tunnel At Giga Texas For Transporting Cybertrucks

Author: Anan Ashraf | June 10, 2024 04:10am

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has roped in his tunneling company called ‘The Boring Company‘ to make an underground passage at its gigafactory in Texas for transporting its Cybertrucks from the production line to the factory’s outbound lot.

What Happened: “Prufrock-3 has emerged in the Tesla Giga Texas expansion!,” The Boring Company announced on social media platform X, formerly Twitter, on Sunday. The “Cybertunnel,” it said, will be online in July.

The tunnel, Tesla Cybertruck lead engineer Wes Morrill explained in a post, will connect the end of Cybertruck’s manufacturing line to the logistics lot for shipment and deliveries. The move will help reduce traffic on site and improve quality, as per Morill.

Tesla is currently ramping up the production of Cybertruck since it commenced deliveries in late November. The company aims to deliver 250,000 Cybertrucks annually. However, the delivery target will not be reached this year but only in 2025, Musk has previously said.

Why It Matters: Tesla's Giga Texas covers 2,500 acres along the Colorado River. Presently, the factory floor is spread over only 10 million square feet, offering considerable potential for further expansion. 

The company is now expanding it to make space for thousands of AI chips and computers, among other facilities. Once complete, the factory will be "pretty close" to the length of a Star Destroyer from Star Wars or approximately 1600 meters long, Musk said in January.

The Boring Company is one of the several companies founded by Musk. It aims to solve traffic with underground tunnel systems or loops that enable rapid point-to-point transportation. 

Musk’s different companies are not new to collaboration. Earlier this year, Musk said that Tesla's upcoming Roadster vehicle was enabled by a collaboration between Tesla and his rocket manufacturing company SpaceX. The company is expected to unveil the vehicle at the end of 2024, with deliveries starting in 2025.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: BYD Boss Says Chinese EVs Worrying ‘Many’ Foreign Politicians: ‘If You Are Not Strong Enough, They Will Not Be Afraid Of You’

Photo via Shutterstock

Posted In: TSLA