When Tesla Motors Inc. (Nasdaq: TSLA) first announced its plans for the "Gigafactory," the company listed four states as possible homes for the world's largest lithium-ion battery factory: Arizona, Texas, Nevada, and New Mexico.
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Tesla Motors Inc. (Nasdaq: TSLA) Chief Executive Officer Elon Musk had been hinting at the Tesla Gigafactory for months, and this week he delivered more of the information investors have been craving.
Tesla Motors Inc. (NASDAQ: TSLA) has narrowed its location search for the new "Gigafactory" to sites between 500 and 1,000 acres in Arizona, New Mexico, Nevada, and Texas. The plant is projected to open in 2017 and will cost up to $5 billion.
The Gigafactory will employ approximately 6,500 and will reach full output capacity by 2020. At that point, the plant will be able to supply power for more than 500,000 vehicles annually.