Tesla Looking Outside Of California For Battery “Giga Factory”
PALO ALTO (AP) — Electric car maker Tesla Motors is considering sites in Nevada, Arizona, New Mexico and Texas for a massive battery factory that would employ around 6,500 people.
Tesla plans to start construction this year and complete the factory in 2017.
The Palo Alto-based company expects the factory to supply enough batteries for the 500,000 cars it hopes to make by 2020.
Tesla and partners including battery maker Panasonic will invest between $4 billion and $5 billion to build the so-called ‘giga factory,’ which would supply battery packs to Tesla’s Fremont assembly plant.
Tesla also announced Wednesday it would raise $1.6 billion in a debt offering. The proceeds would help finance the new factory and a lower-cost vehicle expected to go on sale at the end of 2016.
© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.