Musk said that the location of Tesla's next super factory will be announced this year.

CTOnews.com August 29 news, Tesla CEO Elon Musk said that Tesla is launching more cars and battery production as soon as possible. He hopes to formally announce the location of the next super factory later this year.

"We are moving as fast as we can," Musk said at an energy conference in Norway on Aug. 29, according to Bloomberg and other media reports. " He mentioned investments in Germany and Texas in the United States. He said the location of the next super factory would be announced this year.

He is also optimistic about the future of electric vehicles, predicting that almost half of all cars will be electric by 2030 and that number will rise to 85% by 2035.

As for the location of the new factory, Musk had previously hinted that he preferred Canada.

"We have a lot of Canadians," Musk told shareholders at the annual meeting on August 4. "I'm half Canadian. Maybe I should?"

Tesla said earlier this summer that full-year delivery is expected to increase by 50 per cent over 2021 levels, which means that the target of 1.4 million cars, as described by Tesla's chief financial officer Zachary Kirkhorn, has become "more difficult, but it is still possible through strong enforcement".

CTOnews.com learned that Tesla's shares were down 2.46% in pre-market trading and fell along with other large technology stocks as Treasury yields soared, indicating an opening price of $281.00 a share.