Tesla Motors and Panasonic Announce $5 Billion Gigafactory

By Mathew Turner at the Inquisitr 08/01/2014

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In a $5 billion joint venture, Tesla Motors and Panasonic will employ a combined workforce of 6,500 workers at a facility designed to produce lithium-ion power cells for Tesla’s electric vehicles. With projected increasing demand, Tesla’s move is designed to cut consumer costs by manufacturing the expensive power cells here in the United States as opposed to overseas, allowing the company to reap the benefits of a more reliable supply chain so it can meet increasing global demand for its products. The catch? Tesla has yet to decide on a location for its new factory, but there are a few top contenders. Read the full story at the Inquisitr.

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