Tesla shakes automotive world with announcement regarding major US facility: 'Nearing completion'
The company recently posted a video on X of the factory, located in Sparks, Nevada. In the caption, Tesla said it is "nearing completion" of the facility, which Not a Tesla App reported will manufacture battery cells for Tesla energy projects such as Megapack and Powerwall.
LFP batteries are growing in popularity, with manufacturing plants starting to pop up across the globe. Unlike other common batteries, LFPs don't use nickel or cobalt, which makes them lighter, less expensive, and less likely to catch fire. And because those metals don't need to be mined, producing LFP batteries is also a more eco-friendly process.
Previous incarnations of LFP batteries weren't powerful enough to replace other battery types, but recent improvements have made them viable alternatives.
Until now, Tesla has used Chinese suppliers for LFP battery cells. Plans for the Nevada factory were originally leaked in early 2024, and the company confirmed them during its first-quarter earnings call this year while also discussing the importance of energy storage to the company's future.
"The importance of this business … is pretty profound," Tesla CFO Vaibhav Taneja said during that call. "In order for grids to work properly with the demands from AI, you need some more stability."
Domestic production of LFP batteries has the potential to be a game-changer, not just for projects like Megapack and Powerwall, but also for electric vehicles.
If battery costs come down significantly, cars will also become more affordable, which could put more EVs on the road instead of polluting, gas-powered vehicles. That would be welcome news for Tesla, which has seen its sales numbers drop significantly this year.
The type of energy used to charge batteries can also have a huge impact on EV ownership costs. Using home-based solar energy, for example, is considerably cheaper than paying for energy from the grid or using public charging stations. To amplify those savings, EnergySage offers a free tool that enables consumers to compare quotes from local, verified solar panel installers while saving up to $10,000 on installation costs.
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Yahoo
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- Yahoo
EU-US trade deals buoy stocks while Tesla plummets
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The latest innovations in design brought to you every weekday Privacy Policy | Fast Company Newsletters In 2020, Tesla controlled nearly 80% of the U.S. market, based on data from Experian. By 2022, that was down to 65.4%, followed by 55% in 2023. This year, per Cox Automotive, that share continues to decline, hovering around 45% as of July 11. In a press release, Cox Automotive stated, 'Tesla's many issues do not require a full rehashing here: Suffice it to say, the hyper-competitive EV market is providing the troubled automaker no relief.' Part of Tesla's market share decline can certainly be attributed to the brand's laundry list of reputational blows this year, namely concerning CEO Elon Musk's ongoing feud with Trump. But as Cox Automotive hints, another factor is broadening competition: Since 2020, Ford, Honda, Hyundai, Kia, Lexus, and other automakers have introduced countless new EV models. GM, in particular, has been dedicating greater resources to its fleet of electric vehicles. The company now sells 12 different EV models across its four brands, which accounted for about 15% of the U.S. EV market in the second quarter of 2025—triple the share of both Ford and Hyundai. Of GM's EVs, its top-selling models were the Chevy Equinox and Chevy Blazer, which sold 17,420 units and 6,549 units, respectively. The Equinox has gained significant traction for its relatively low cost, which starts at around $35,000. These numbers are far behind those of Tesla's ultra-popular Model Y, which shipped 86,120 units in the second quarter. Still, Chevrolet's EV sales alone have shown 130%-plus year-over-year growth—signaling that GM may be on an upward trajectory compared to Tesla's current slump. GM CEO Mary Barra reinforced that trajectory on a July 22 earnings call, sharing that profitable EV sales are now the company's 'North Star.' advertisement 'We are growing in EVs because we have a strategic portfolio of vehicles that people love for their design, performance, range, and value,' she said. [Photo: Chevrolet] An uncertain path ahead Despite GM's major EV success of late, the new EV market saw an overall year-over-year decline. Stephanie Valdez Streaty, senior analyst at Cox Automotive, said in its press release that the lower sales 'underscore the market's ongoing challenges, as growth in the auto business ebbs and flows on consumer demand,' and are a sign of a more mature EV market. Used EV sales, on the other hand, quietly flourished, surpassing a record-breaking 100,000 units in the second quarter. 'With availability growing and incentives for new EVs expected to fall, the used EV market may grow faster in the quarters ahead,' Cox Automotive reported. 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