Forbes
Tesla Motors unveiled details of its much talked about ‘gigafactory’. During the earnings release, Elon Musk announced that Tesla would build a gigafactory for the production of electric batteries. The gigafactory will cost Tesla up to $5 billion to build, but once complete, will be able to churn out enough batteries for 500,000 vehicles. To facilitate the set up of the factory, Tesla plans to raise $1.6 billion through issuance of bonds.
In addition, there are also reports that Panasonic could invest up to $1 billion in order to strengthen its ties with Tesla. The ambitious project will also see the automaker adding 6,500 employees and acquiring a whopping 1,000 acre land. Shares of the company were up 5% in the after hours trading. Since the start of 2013, Tesla’s shares have now gained more than 600%.
Related: Tesla pushing to remake how cars are sold
