Tesla Motors (TSLA) has announced that it will be building its new gigafactory in Nevada.
Tesla’s gigafactory will cost $5 billion to build and is expected to create jobs for 6,500 employees. The news that Nevada had been picked as the gigafactory’s location was confirmed by two local officials. However, a second site for the project will be prepared in case the state can’t offer the benefits it has promised, reports San Antonio Express News.
Tesla CEO Elon Musk and Nevada Gov. Brian Sandoval are expected to attend an event concerning the new gigafactory later today, September 4. The details of the event haven’t been released, but the governor will reportedly make a “major economic development announcement,” San Antonio Express News notes.
The Tesla gigafactory is an effort that includes help from Panasonic. Panasonic will manufacture and provide the lithium-ion cells that the electric-car company needs for its batteries.
TSLA shares were up 2% as of Thursday afternoon.
