On Wednesday, Tesla Motors (TSLA) announced that it is looking to build a 10-million-square-foot factory to produce batteries for its electric cars.
Tesla calls the planned facility a “Gigafactory.” The maker of the pricey Model S electric car is considering sites in four states for the new factory, which will make batteries for use at Tesla’s California assembly plant. The facility is expected to cost between $4 billion and $5 billion to build, the Associated Press notes.
Word of the planned factory comes as Tesla increases its outlook for future car production.
Here are 6 things to know about the Tesla Gigafactory:
- Tesla expects the facility to have a staff of about 6,500.
- Tesla is evaluating potential locations in Arizona, Nevada, New Mexico and Texas.
- Construction for the facility is expected to start this year.
- Tesla plans to spend $2 billion to build the Gigafactory, while as-yet unidentified partners will pick up the remaining $2 billion to $3 billion cost.
- Tesla hopes to finish the factory in 2017.
- The Gigafactory could produce batteries for 500,000 cars by 2020.
Tesla stock slipped modestly in Thursday morning trading.
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