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Tesla’s Battery Factory to Begin Operations Next Year
Tesla Motors Inc. says the giant electric-car battery plant it is constructing in Nevada will begin initial operations in 2016, about one earlier than originally expected, The Nikkei reports.
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Tesla Motors Inc. says the giant electric-car battery plant it is constructing in Nevada will begin initial operations in 2016, about one earlier than originally expected, The Nikkei reports.
The Tokyo-based newspaper cites comments to reporters in Japan by Kurt Kelty, who oversees Tesla's battery technologies.
The facility's first phase of production is backed by a $250 million initial investment from Panasonic Corp. Tesla has said the so-called gigafactory will be able by 2020 to make enough lithium-ion cells per year to power 500,000 EVs.
CEO Elon Musk describes the $5 billion, 10 million sq-ft plant as essential to achieving the relatively low $35,000 retail price target for Tesla's Model 3 electric sedan due in 2017. He has predicted the factory eventually will reduce battery costs 30%.
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