Now the company wants to open more locations.
Tesla (TSLA) said Wednesday it expects to “finalize locations” this year for as many as three new Gigafactory locations. That would bring the total number to five, including a solar plant in New York.
It’s unclear if the new factories will be as large or costly as the 5.8 million square foot Gigafactory in Nevada, but the additional locations could help Tesla in its quest to become a sustainable energy giant.
Related: Tesla’s market cap is closing in on Ford’s
The announcement came as part of Tesla’s fourth quarter earnings results. Tesla posted a loss of $121.3 million for the quarter, less than Wall Street expected, but breaking its all too brief stretch as a profitable business.
Tesla reported a rare profit in the previous quarter after CEO Elon Musk implored employees to slash costs and “deliver every car we possibly can.” Musk had said Tesla might be profitable again this quarter, but it was not to be.
Tesla stock rose 3% in after hours trading Wednesday following the earnings report.
The stock has surge 30% this year on investor optimism for the launch of the Model 3, its first mass market car. Tesla confirmed in its earnings report that the Model 3 is on track to start production in July.
Tesla’s stock has also benefited from Musk’s relationship with President Trump. Musk now serves on two of Trump’s advisory councils and has visited Trump Tower on multiple occasions.
“We believe this level of coordination with the new administration could actually evolve into greater strategic value than with the prior administration,” Adam Jonas, an analyst with Morgan Stanley, wrote in an investor note last month.
