6 Things to Know About the Planned Tesla Gigafactory
by Christopher Freeburn | February 27, 2014 11:46 am
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.
More Tesla News:
- Tesla Continues to Drive Forward as TLSA Stock Tests All-Time Highs
- TSLA Stock Zooms as Morgan Stanley Doubles Tesla Price Target
- TSLA, AAPL: Tesla Stock Shoots Up on More Apple Rumors
- [Image]: https://investorplace.com/wp-content/uploads/2013/10/tesla-tsla-model-s-185.jpg
- TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
- to produce batteries for its electric cars: http://www.foxnews.com/leisure/2014/02/27/tesla-plans-new-battery-factory-will-employ-6500/
- increases its outlook for future car production: https://investorplace.com/2014/02/tesla-earnings-tsla-stock-overdrive/#.Uw9pztxhOf0
- Tesla Continues to Drive Forward as TLSA Stock Tests All-Time Highs: https://investorplace.com/2014/02/tesla-tsla-stock-good-news/
- TSLA Stock Zooms as Morgan Stanley Doubles Tesla Price Target: https://investorplace.com/2014/02/tsla-stock-zooms-morgan-stanley-doubles-tesla-price-target/
- TSLA, AAPL: Tesla Stock Shoots Up on More Apple Rumors: https://investorplace.com/2014/02/tsla-aapl-tesla-stock-shoots-apple-rumors/
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