Tesla Motors Inc (TSLA) To Build Its Gigafactory in Nevada


A Dow Jones report has claimed that Tesla Motors Inc (NASDAQ:TSLA) is going to build its Gigafactory for making Lithium-ion cells in Nevada.  CNBC’s Phil LeBeau reported on this and said that Tesla has not confirmed the news, but the company is going to make an official announcement in Nevada tomorrow. LeBeau said that this news is not a surprise for many, since everyone has known for a while that Tesla Motors Inc (NASDAQ:TSLA) broke ground in Nevada earlier this summer.

Andrew Fung, CLSA, Tesla, is TSLA a good stock to buy,

“[…] There are reports from Dow Jones that Tesla Motors Inc (NASDAQ:TSLA)  has chosen Nevada as the location for its new Gigafactory, this Gigafactory which will be building Lithium-ion battery cells […],” said LeBeau.

In an article, Wall Street Journal has also claimed that Tesla Motors Inc (NASDAQ:TSLA) will open its $5 billion battery factory in Nevada. The government of Nevada has scheduled a news conference on Thursday in Carson City to officially announce the plan. According to the article, the government of Nevada probably has offered one of the largest incentives plan to Tesla in the history of the US auto industry to attract the company to build its Gigafactory in the state. WSJ added that Tesla Motors Inc (NASDAQ:TSLA) is eyeing to complete the construction of its new Gigafactory by 2017, before the launch of its much awaited Model III car.

Tesla Motors Inc (NASDAQ:TSLA) has announced previously that it will require an area of 500 to 1,000 acres for its new Gigafactory. Tesla is partnering with Japan-based Panasonic Corporation, which will also invest in the project. The new Gigafactory will help Tesla to deplete the cost of carbon-neutral power.

Daniel Benton‘s Andor Capital Management is one of the largest shareholders of Tesla Motors Inc (NASDAQ:TSLA), owning approximately 1.25 million shares of the company.

Disclosure: None

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