Tesla Motors' Gigafactory to Help Push Out Half Million EVs/Year in 2020
February 27, 2014 9:22 AM
The giant Gigafactory will span 500-1000 acres of land
Tesla Motors' all-electric auto business heavily relies on batteries, so it makes sense that the company has placed a lot of emphasis on that area with Supercharger stations, replaceable battery tech and road trips to relieve range anxiety for customers. Now, Tesla is finally revealing some details on its huge, upcoming battery plant.
, its new factory -- dubbed "Tesla Gigafactory" -- will be located in either Nevada, Arizona, New Mexico or Texas. Tesla is likely choosing among these Southwestern states because the factory will be largely powered by solar and wind power, and the Southwest has plenty of sunshine to feed the plant.
The giant Gigafactory will span 500-1000 acres of land and have a space requirement of 10 million square feet. It'll employ around 6,500 people and aims to produce 35 GWh of cells and 50 GWh of battery packs a year.
Tesla added that it's getting ready to produce 500,000 EVs a year in 2020, and the Gigafactory will supply those battery packs. What's more is that Tesla expects the per-kWh cost of a Tesla battery pack to be lowered by more than 30 percent once the factory is up and running for the first year.
This is huge for Tesla, since the cost of batteries is a large fear of potential EV customers. Tesla has been working hard to ease such fears, since this will lead to more sales in the future.
The automaker recently
addressed range anxiety
associated with road trips by placing Supercharger stations from Los Angeles to New York, allowing for a coast-to-coast trip free of worry.
Tesla will invest around $2 billion in the plant through 2020 while investors will pay another $2-3 billion for a total $4-5 billion investment.
This year will be a busy one in the Gigafactory's timeline, as Tesla plans to select a location, start intial project design, engage in partner discussions, begin zoning and design, and finally start construction.
Construction will continue through 2015, and in 2016, equipment installation is set to begin. The year 2017 will finally see production launch, and will gun for the half million EVs produced in 2020.
Tesla has proven time and time again that being the small guy in the auto race doesn't mean coming in last. In May 2013, Tesla repaid its $465 million loan from the U.S. Department of Energy (DOE)
nine years earlier
than expected from the original 2022 due date.
Tesla is currently rocking the auto world by fighting auto dealers around the U.S. in order to sell its Model S on its own without any middlemen. Tesla CEO Elon Musk said he'd make the fight a federal case if he had to.
, Tesla reported a profit of $46 million and saw its loss decrease to $16.2 million, which is much slimmer than the $90 million loss a year earlier.
Tesla shares rose $34.65 to close at $252.30 Tuesday, and kept rising in premarket trading early Wednesday hitting $258.60.
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