Tesla’s second Master Plan will be mostly funded by sales of its vehicles, particularly the new electric vehicle Model 3, chief executive Elon Musk said during a soft launch of the enormous ‘Gigafactory’ in Nevada on Tuesday.
He told reporters that the upcoming Model 3 could generate US$20 billion revenue per year with roughly US$5 billion in gross profit once fully operational with the generation of half a million vehicles per annum. This could help pay for the new Tesla master plan, which incorporates solar-plus-storage for all households, car sharing and electric trucks among other proposals.
The electric vehicle and energy storage firm’s vast new Gigafactory facility, costing roughly US$5 billion, is far from fully operational with just a small portion complete, but Musk invited media in for a rare viewing this week. Japanese firm Panasonic Corp partnered with Tesla for the Gigafactory build, indicating in January that it may invest up to US$1.6 billion in the facility.
Read the full story over on Energy Storage News.