Tesla Announces Game-Changing 'Gigafactory'

Tesla Motors announced on Wednesday its plans to build a "Gigafactory" to produce lithium-ion battery cells, ramping up technology that could potentially revolutionize the utilities and auto industries

Designed to reduce cell costs "much faster than the status quo," the Gigafactory aims to produce more lithium-ion batteries annually by 2020 than were produced worldwide last year, according to a Tesla blog post.

Tesla said it hopes that the Gigafactory “will have driven down the per kWh cost of [its] battery pack by more than 30%” by the end of the first year of volume production of its mass-market vehicle." As production continues, the costs will ideally continue to plummet, according to Tesla's projected figures. The company added that it aims to produce a mass-market electric car in three years. Read more...