Tesla Inc. TSLA has applied for regulatory approval to expand its Shanghai plant and start making pouch-type battery cells in small numbers, Reuters reported Tuesday, citing a notice posted on the website of the district where the plant is located. Pouch-type cells are a kind of lithium-ion battery used by other carmakers. The notice said the expansion would grant the Gigafactory the capacity to produce 1.75 million powertrain units annually, up from 1.25 million currently. It was not clear from the notice whether Tesla is planning an immediate expansion or seeking approval for a future move, nor what exactly it would do with pouch cells, which it currently does not use in its electric cars. The company did not respond to a request for comment from Reuters. The stock has gained 35% in the year to date, while the S&P 500 SPX has gained 7.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
