Tesla bull predicts between 5 to 10 new gigafactories in the next two years

After a wild display of lights, music and futuristic technology, Tesla's (TSLA) chief, Elon Musk, kicked off the grand opening of the company's new Giga Texas factory Thursday. Read More...

After a wild display of lights, music and futuristic technology, Tesla (TSLA) CEO Elon Musk kicked off the grand opening of the company’s new Texas gigafactory on Thursday.

The Austin plant — Tesla’s fourth globally — will manufacture the Model Y SUV and, next year, the highly-anticipated Cybertruck.

Tesla bull Kevin Paffrath predicts this is only the beginning electric-vehicle maker.

“I think in the next two years, we’re probably gonna get between five and 10 new factories, and that’s hugely bullish for Tesla investors,” Paffrath, a financial analyst and YouTube star, told Yahoo Finance Live (video above).

The invite-only event served as a public unveiling of the new $1.1 billion manufacturing facility. As many as 15,000 people were expected to attend the “Cyber Rodeo” celebration, which offered attractions and an inside look at the massive facility.

Paffrath said “to walk from one end of the Giga factory to the other, long ways,” would take “an hour and a half.”

A giant cowboy boot is on display outside the Tesla Giga Texas manufacturing facility during the “Cyber Rodeo” grand opening party on April 7, 2022 in Austin, Texas. – Tesla welcomed throngs of electric car lovers to Texas on April 7 for a huge party inaugurating a “gigafactory” the size of 100 professional soccer fields. (Photo by SUZANNE CORDEIRO / AFP) (Photo by SUZANNE CORDEIRO/AFP via Getty Images)

Musk, the world’s wealthiest man with a current estimated net worth of about $280 billion, called the Austin facility “the largest factory building in the world by volume” and the “most advanced car factory the world has ever seen.”

At the event, Musk confirmed that Tesla is building battery cells at the facility, adding, “We think, over time, this will be the biggest cell factory in the world.”

Paffrath described Tesla as “so much so a robotics company,” and said, “That’s what you see and feel” at the Austin plant.

“It’s phenomenal to see the technology here, if you’re looking to invest in a robotics industry, forget about Amazon (AMZN). This is where it is.”

“They’re not shipping in batteries. They’re not shipping in motors. They’re putting everything together in this plant,” Paffrath said. “This plant is what is going to get copied and pasted.”

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter: @daniromerotv

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