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Tesla CEO Elon Musk announced the company’s plans to break ground on the first of at least two gigafactories this June. The gigafactories will have the capacity to manufacture 500,000 lithium-ion batteries per year. This exceeds last year’s combined production from all automotive battery manufacturers in the world. The first two gigafactories are expected to be located somewhere in the Southwestern United States but formal decisions have yet to be announced. Texas, New Mexico, Nevada and Arizona have been in the running for some time, but California lawmakers are still vying to secure despite the strict environmental regulations that first ruled it out.

The gigafactories are not the only positive charge on Tesla’s horizon. Panasonic has signed a letter of intent to collaborate with Tesla in exploring battery technology; a formal agreement is likely to be signed by the end of the year. Tesla is also in talks with mining companies about supplying their operation with nickel and cobalt, and hopes to reduce battery costs by 30% going forward.

With this significant investment in battery technology and production, Tesla expects to continue to fuel its expansion and allow it to take control of its own destiny.

Read the full article here:
http://www.forbes.com/sites/michelinemaynard/2014/05/07/teslas-first-gigafactory-site-will-break-ground-next-month/

 

About the author: Taylor

 

Taylor is the founder of AutoFoundry.com. He's a seasoned fiction and web writer who has been involved in the automotive industry for nearly a decade. He's currently restoring a 1985 BMW 325e. Email | Twitter | Google+

 

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