Electric car manufacturer Tesla opened its first European factory Tuesday on the outskirts of Berlin in an effort to challenge German automakers on their home turf.
The company says its new “Gigafactory" will employ 12,000 people and produce 500,000 vehicles a year once it's fully up and running. Initial production will focus on Tesla's Model Y compact sport utility vehicle.
German Chancellor Olaf Scholz attended the opening ceremony in Gruenheide, southeast of the German capital, with Tesla boss Elon Musk, who performed an impromptu dance for fans as the first cars rolled out of the factory for delivery.
He later posted a comment on Twitter thanking Germany with the words “Danke Deutschland!” surrounded by German flags.
German Economy Minister Robert Habeck said the opening of the factory was “a nice symbol” that gasoline-powered cars can be replaced with electric vehicles at a time when Germany and other European nations are trying to reduce their greenhouse gas emissions and wean themselves off Russian oil.
Tesla began building the vast facility less than three years ago, before it received official permits to do so. Had those permits not been issued, the company would have had to level the site.
“That's a different company risk culture,” Habeck said, after being asked to compare Tesla's approach with the slow pace of German construction projects such as Berlin's nearby new airport, which opened with a nine-year delay.
Environmental activists have warned that the factory could affect drinking water supplies in the region.
Tesla has dismissed those warnings. The company refused most media access to the site and the ceremony Tuesday.
A group of musical publishers representing major artists is suing Twitter for copyright infringement for $250 million.
TikTok said it's investing billions of dollars into the southeast Asia market, one of the company's biggest, over the next few years.
Cava CEO Brett Schulman Talks IPO Debut
Ed Siddell, CEO and chief investment officer with EGSI Financial, joined Cheddar News to discuss Thursday's positive trading session in what Siddell called "a year of momentum" as investors continue to digest a heavy amount of news that includes monetary policy, inflation concerns, banking fears and some positive economic data.
Rivian is expanding into New York City and launching its first showroom there. Cheddar News took a look at the showroom in NYC that the company is calling "spaces," which is intended to be experiential retail locations to woo new customers.
Rebecca Walser, certified financial planner and wealth strategist, offers tips on how to avoid money mistakes, develop healthy spending habits, and pay off debts.
The U.S. Department of Agriculture said Wednesday it hopes to weed out false or misleading animal-welfare claims on meat and poultry packaging with new guidance and testing.
Stocks swept higher Thursday, revving the longest rally for Wall Street in a year and a half into a higher gear.
If you're looking for food that's good for you and the planet, look no further than the new Isle of Us café and marketplace in the Upper East Side. Cheddar's own Shannon LaNier is on the scene with more.
The price of one kitchen staple is dropping at a historic rate. In May, egg prices had their largest monthly decline in 72 years. Ricky Richardson, CEO of South Carolina-based Eggs Up Grill, joined Cheddar News to discuss the state of play in the egg industry as prices fall while food costs overall are on the rise again. Egg prices are "returning to more normal levels now, we're running down about 40% on a year-over-year basis," he said.
Load More