Beyond Hype
The stock market’s romance with technological disruption has once again collided with an inconvenient reality: even the most visionary companies must eventually be judged by their ability to generate sustainable profits.
The US Electric Vehicle (EV) maker Tesla Inc. received a final verdict from the higher administrative court of Berlin-Brandenburg on Thursday, to continue clearing the Grünheide forest near Berlin for its massive Gigafactory project.
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The permission was granted to continue clearing 92 hectares of forest in preparation for its fourth factory, where it plans to build batteries, power trains and vehicles, starting with the Model Y, Engadget reported on Friday.
The factory is set to employ over 10,000 people and Brandenburg, a state surrounding Berlin, hopes that Tesla’s arrival can generate thousands of high-quality jobs.
The factory will produce at least 500,000 electric cars each year and Tesla plans to have the plant up and running by the middle of next year.
Local environmental group Guene Liga Brandenburg, who had earlier raised concerns about the project, was upset that Tesla was allowed to begin clearing the land before the company received all of the necessary building permission, but the court rejected those arguments, stating that “the decision is final”.
After Shanghai in China, Elon Musk has chosen Berlin as Tesla’s next Gigafactory outside of the US.
(With input from agencies)
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