Tesla Expands Holdings in Nevada for Gigafactory Site
Construction of Tesla's Nevada 'Gigafactory" in November 2014
Tesla Motors in recent months has purchased almost 2K additional acres near Reno, almost tripling its Nevada land holdings as it continues work on a ‘gigafactory’ in Storey County. The factory will be used to build batteries for electric cars and stationary backup batteries. Tesla originally struck a deal to locate the factory outside Reno in 2014 and purchased 1K acres with an option to purchase additional land. The additional land purchases occurred in April and May. The $5B factory is being built in phases and will begin producing cells at the end of 2016. Tesla will continue expanding the factory through 2020 to add capacity to the factory, which will eventually take up 10M SF. Nevada provided up to $1.3B in incentives to Tesla for the factory, which will employ 6.5K people when completed. [WSJ]
