Elon Musk’s company is raising money to build a plant that will increase the output of battery components by several folds to aid in lowering the cost of owning an all-electric Tesla.
Teslas aren’t the most affordable luxury toys out there, but CEO Elon Musk thinks that his company can churn out much more affordable models by 2020. The ‘Gen III’ Teslas will reportedly cost half that of the current entry-level Tesla models, which are approximately $75,000 per. In a ‘forward-looking statement’ (PDF), Tesla projects that a plant capable of churning out more batteries than all the top manufacturers in the world could be completed by 2017.
— Tesla Motors (@TeslaMotors) February 26, 2014
Texas, Arizona, New Mexico and Nevada are the four U.S. states chosen as ‘finalists’ for the location of the ‘Gigafactory.’ If the massive plant does get built, Tesla expects there to be as many as 6,500 jobs created.
Source: Tesla Twitter