PALO ALTO, Calif. (AP) — Electric car maker Tesla Motors is considering sites in Nevada, Arizona, New Mexico and Texas for a massive battery factory that would employ around 6,500 people.
Tesla plans to start construction this year and complete the factory in 2017.
The Palo Alto, Calif.-based company expects the factory to supply enough batteries for the 500,000 cars it hopes to make by 2020.
Tesla and partners including battery maker Panasonic will invest between $4 billion and $5 billion to build the factory, which would supply battery packs to Tesla’s Fremont, Calif., assembly plant.
Tesla also announced Wednesday it would raise $1.6 billion in a debt offering. The proceeds would help finance the new factory and a lower-cost vehicle expected to go on sale at the end of 2016.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Single Mom Challenging Fellow Dems Who Want To Take On Rep. Pete Sessions
- Bucs Release RB Doug Martin After Disappointing Season
- Texans Release Veteran Linebacker Brian Cushing
- Spring Training Report: The Boys Are Back In Town
- Erath County Humane Society, Overcapacity and Overflowed, Pleads For Help
- Driveway Robbers Threaten Grandparents With 4-Year-Old
- The First, Legal Gay Marriage In Texas?
- Woman Dies In Fort Worth Stockyards Shooting
- Cowboys Pre-Combine Mock Draft
- Dallas Firefighter Remembered At Funeral
- PHOTOS: Your Pet Pictures