Tesla Inc (NASDAQ:TSLA) will manufacture up to 150,000 vehicles per annum at its new plant in Berlin with an investment of $4.4 billion. Elon Musk, CEO and founder of Tesla, said the company in Berlin would begin manufacturing SUV Model Y in early 2021. He unveiled the first product line at the Berlin facility last week. According to Bild, Tesla would receive subsidies of Euro 300 million for its new initiative. The new plant could employ up to 7,000 people.

The market value of over $63 billion

Elon Musk relied on the Fremont, California based auto-assembly plant to construct a firm that will have a market value of over $63 billion. It is on the backdrop of its competitor – Volkswagen AG’s plans to increase spending from previously announced Euro 44 billion to Euro 60 billion on automated driving, electric vehicles, and new technology in 5 years.

Faces challenge from Ford

Ford unveiled a fully electric crossover – Mustang Mach-E in a challenge to Tesla. The new car will hit the showrooms in a few flavors by the end of 2020. It will operate either with extended or standard battery. The new all-electric vehicle is offered with either an all-wheel-drive or rear-wheel drive. Ford expects to achieve a minimum of 300 miles EPA for new Mustang Mach-E with rear-wheel drive and extended range battery. The Mach-E with all-wheel-drive and extended range battery will provide a torque of 417lb.-ft. and horsepower of 332.

The customers can buy Mustang-E in GT performance and GT versions. The GT models will deliver HP and Torque of 459 and 612 lb.-ft. According to Ford, the GT performance edition will reach a speed of 60 mph from 0 in the mid three seconds. The GT version achieves 60 miles per hour under four seconds.

Ford will start selling the standard range, rear-wheel drive Mustang Mach-E at $43,895. It has set the starting price for the GT version at $60,500. The customers can get pricing and configurations at the Mustang Mach-E website.

Tesla priced the long-range and rear-wheel-drive Model Y vehicle at $48,000. It can achieve a speed of 60 miles per hour in 5.5 seconds and runs 300 miles. The all-wheel-drive long-range Model Y is priced at $52,000.