Tesla Motors Takes Another Step Forward
Tesla Motors’ electric vehicles are among the best-selling EVs, and that means they need many batteries to build their cars. The company intends to construct an enormous ‘Gigafactory’ (possibly in Nevada) which could produce up to 500,000 electric vehicle batteries annually.
The batteries are to be constructed from the ground up in the new factory, potentially increasing their profits by a factor of two, and drive down the cost of the batteries via economies of scale, another step forward for the EV industry which will force the rest of the automobile manufacturers to kick their R&D into high gear.
Elon Musk, the CEO, hinted that the factory will utilize solar and wind power, making their electric cars greener than ever, or maybe it could make the rest of the car brands’ batteries greener, as it could sell those batteries to them. After all, this factories production capacity far exceeds their current battery demand.
Source: Gas 2.