Tesla Motors Inc (TSLA) to break ground at two battery sites

Posted Apr 30, 2014

Tesla Motors Inc (NASDAQ:TSLA) is working on building up a “Gigafactory,” which will specifically focus on building battery packs for the electric car company’s vehicles and possibly for some of its partners. The Gigafactory is expected to be built in one of four U.S. states, which are either Arizona, Nevada, New Mexico or Texas. The Gigafactory will create 6,500 new American manufacturing jobs.

Tesla is going to choose two sites for the Gigafactory facility and take development of both sites all the way up to ground breaking.

“What we?re going to do is move forward with more than one state, at least two, all the way to breaking ground, just in case there?s last-minute issues. The No. 1 thing is we want to minimize the risk timing for the Gigafactory to get up and running,” stated Tesla CEO Elon Musk.

“We will end up spending more money than would otherwise be the case to minimize the timing risk,? added Musk. He pointed out that Tesla may need more than a single ‘Gigafactory’ in the future.

Likely, Musk will provide additional details of the Gigafactory during the company Q1 quarter earnings on May 7th.