No decision yet from Tesla on factory plans

Updated: 05/07/2014 6:01 PM | Created: 05/07/2014 4:12 PM
By: Steve Mieczkowski,

Tesla Motors said during their first quarter earnings release Wednesday that a decision has not been made yet as to where they will build their Gigafactory.

New Mexico is one of several states currently in the running for the factory, joining Texas, Nevada and Arizona.

During a webcast with shareholders, Tesla indicted that the state of California is now back in the running for the Gigafactory, although it is unlikely that they would get the factory due to issues of timing.

Tesla expects to break ground on their Gigafactory on multiple sites and are expected to break ground on the first site next month.

Tesla will need the battery plant quickly to keep pace with its plan to produce 500,000 cars a year by 2020. The current Tesla Model S is a luxury sedan that starts at $70,000. The plan is to manufacture a car for about half of that price. Most of the savings would come from less expensive batteries to power the car.

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