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Musk Says Nevada Battery Plant Is Key to Tesla’s Future
Tesla Motors Inc. CEO Elon Musk describes the company's $5 billion lithium-ion battery plant project as essential to its ability to produce a mainstream electric car.
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Tesla Motors Inc. CEO Elon Musk describes the company's $5 billion lithium-ion battery plant project as essential to its ability to produce a mainstream electric car.
The company will build the factory near Reno, Nev. The state, which estimates the facility will generate $100 billion in economic benefit, plans to provide Tesla with some $1.3 billion in tax breaks over 20 years
The so-called gigafactory is designed to make enough cells per year to power 500,000 EVs. Musk predicts the 10 million-sq-ft plant's economy of scale will lower the cost of lithium-ion batteries 30%, thus enabling Tesla to price its upcoming Model III electric sedan at a relatively low $35,000.
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