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Tesla Motors Announces Plans to Build Lithium-ion Battery Factory

Tesla Motors is named after electrical engineer and physicist Nikola Tesla. The Tesla Roadster uses an AC motor descended directly from Tesla’s original 1882 design. Tesla Motors, Inc. designs, manufactures and sells electric cars and electric vehicle powertrain components. Tesla Motors first gained widespread attention by producing the Tesla Roadster, the first fully electric sports car. After 10 years, Tesla posted profits for the first time during the first quarter of 2013.

Tesla Motors is calling the project the “gigafactory.” The proposed $4 billion-$5 billion “gigafactory” will provide half a million lithium-ion batteries annually for its electric vehicles by the end of the decade, according to NBC News. The new Tesla Motor factory would reportedly employ 6,500 people and according to Bloomberg Business Week, Tesla Motors has declined to comment on whether or not any negotiations have begun, as the electric-car maker announced that it’s selling at least $1.6 billion of convertible notes to finance the project and exploring locations in Texas, Nevada, Arizona and New Mexico for a 10 million-square-foot facility. The automaker reported that it will require a massive initial investment of up to $5 billion.

It has been reported that the Tesla Motors factory will cut battery production costs by 30 percent. In a blog post Tesla Motors wrote, “The Gigafactory is designed to reduce cell costs much faster than the status quo and, by 2020, produce more lithium ion batteries annually than were produced worldwide in 2013.”

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Tesla also markets electric powertrain components, including lithium-ion battery packs, to other automakers, including Daimler and Toyota. For information about employment opportunities with Tesla Motors, readers can click here.

Image Credit: www.insideevs.com

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Jaan Posted by on February 27, 2014. Filed under Business News,Home. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

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