Nevada Selected as Possible Location for Tesla Gigafactory - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Nevada Selected as Possible Location for Tesla Gigafactory

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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.

The ongoing discussions with Tesla remain confidential - and at the time of this writing, there is no timetable on when the decision will be made or when it will be announced to the public.

The Nevada Governor's Office of Economic Development issued the following statement after today's announcement:

"Tesla is an exceptional company, and we are honored to be included in their list of finalists," said Steve Hill, Director of the Governor's Office of Economic Development. "Our office has been working with the regional development authorities and local governments to highlight what Nevada offers:  a skilled workforce, responsive workforce development and training programs, exceptional quality of life, great schools, low operating costs, and a commitment from the State of Nevada to provide the climate necessary for innovative businesses to thrive."

For more information on the gigafactory project, go to http://www.teslamotors.com/sites/default/files/blog_attachments/gigafactory.pdf

(The Associated Press also contributed to this report.)

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