Tesla Expected to Locate Gigafactory in Nevada

The Wall Street Journal reported that Tesla Motors Inc. (NASDAQ:TSLA) is expected to locate its planned $5-billion lithium-ion battery gigafactory in Nevada. The decision may be disclosed today at a press conference, according to an unidentified source.

As quoted in the market news:

The Nevada state government has scheduled a news conference at 4 p.m. local time Thursday in Carson City to announce the plant. Nevada likely offered Tesla one of the largest incentive packages in the history of the U.S. auto industry to lure the factory to a state with relatively little presence in automotive manufacturing.

By choosing Nevada, Tesla gets a site close to its Fremont, Calif., assembly plant and access to lithium, a key raw material for the batteries.Tesla has said it plans to employ up to 6,500 workers and to produce 35 gigawatt hours of battery cells annually in its so-called gigafactory. The plant eventually is expected to produce more than all of the current lithium-ion battery production in the world today.

Click here to read the full report from The Wall Street Journal.