Tesla in Austin

Tesla (TSLA) shares closed slightly higher on Thursday on the back of the opening of the company's second plant in the US and fourth in the world. At the event, dubbed 'Cyber Rodeo', Tesla announced its production plans for the coming years.

Thursday marked the opening of Tesla's fourth automotive Gigafactory in Austin, Texas the state where the company is now headquartered. In late March, Tesla's new plant in Germany joined Tesla's plants in California and China. Tesla (TSLA) shares, down this week, closed yesterday up 1.1%.

CEO Elon Musk told the Cyber Rodeo event of the opening of the Gigafactory in Austin that it is one of the most technologically advanced, robotic and environmentally friendly plants in the US. Musk also said that Tesla plans to begin widespread beta testing of its autonomous driving software in North America this year.

Key statements from Elon Musk:

• The plant is designed to produce around 500,000 vehicles and there is scope for expansion.
• The first vehicles to be produced from the Tesla Gigafactory Ostin will be the Model Y.
• In 2023, Tesla will begin production at the plant of the Cybertruck, Semi electric trucks and Roadster electric sports sedans, as well as its robot humanoid Optimus.

Moreover, Musk noted that it took about two years and about $1.1 billion to build the plant. Also, Tesla plans to begin widespread beta testing of its autonomous driving software in North America this year.

However, analysts have estimated that the plant could produce 100,000 cars by 2022. Full production should be reached in about a year, assuming there are no more supply chain problems such as a shortage of semiconductors. A chip shortage has held back Tesla's car production for more than a year.