By Hyunjoo Jin

SAN FRANCISCO, (Reuters) – Thursday’s event will mark Tesla (NASDAQ) Inc’s opening of Texas’ $1.1 billion plant. This will allow it to ramp up its production of electric cars and other batteries that are critical for its future growth plans.

After Elon Musk, a billionaire CEO and entrepreneur, revealed that he has bought a 9.9% share in Twitter (NYSE:), this event is called Cyber Rodeo. He will also join the board.

The Austin factory will double the annual production of the company to 2,000,000 vehicles if it is combined with the new Berlin plant. Tesla stated it plans to expand the production of its factories in California, Shanghai and other states. Tesla stated that it expected to see 50% growth in its deliveries annually over the course of a longer period.

Morningstar Analyst Seth Goldstein noted that “there will always be some hiccups along this way”, adding that Tesla eventually would overcome ramp-up challenges like it did in Model 3 production a few years back.

Musk has touted the opening event as the biggest party on earth, but a Travis County fire marshal said that Tesla told the county they’ll likely have fewer than 15,000 attendants.

Tesla stated that the invitation-only event will feature interactive tours and live entertainment. It will begin at 4 pm local time.

Tesla announced that giant casting presses will be used to create the back and front parts of the car at new plants. It is doing this in an effort to decrease manufacturing costs and time.

Tesla stated in January it would begin deliveries of Texas-made Model Ys equipped with 4680 battery packs by March 31, but it’s not known if that actually happened.

Guidehouse Insights Analyst Sam Abuelsamid stated that Tesla is unable to produce large quantities of its 4680 cell production.

It will likely take a while for the Texas plant to reach full speed.

To fend against growing competition, Tesla will likely produce lower-priced and lower-range versions of the Model Y in its Texas plant. The U.S. Environmental Protection Agency has granted two variants of the Model Y new certificates. These have driving ranges 244 and 279, respectively, compared with the Model Y’s 330 mile driving range.

Tesla is unable to produce Cybertruck and Semitrucks until the next year due to part shortages.

As Tesla cannot keep pace with the demand due to supply chain disruptions, new factories are being built. The company posted record sales for its first quarter. However, a spike in COVID-19-related cases in China forced Tesla to suspend production at Shanghai’s factory temporarily for several days.

Russia invaded Ukraine, causing fuel and materials costs to rise. Tesla also increased vehicle prices Wednesday.