Tesla Plans Gigafactory to Make Batteries for 500,000 Cars a Year

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Tesla Plans Gigafactory to Make Batteries for 500,000 Cars a Year

Tesla Plans Gigafactory to Make Batteries for 500,000 Cars a Year
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Tesla Plans Gigafactory to Make Batteries for 500,000 Cars a Year

by TheStreet.com Videos 1:04 mins

Shares of Tesla are climbing on Thursday, one day after the electric car maker disclosed plans to build a new "Gigafactory" to produce batteries. Tesla said the Gigafactory will produce enough battery cells to power 500,000 vehicles every year, in addition to other batteries. According to an SEC filing, the company said 6,500 people will be employed at the 10 million-square-foot battery plant once it's fully operational in 2020. It's expected to open in Arizona, Nevada, New Mexico or Texas in 2017.

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