Tesla opens up Gigafactory for first look

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.

Leave Comment