Panasonic is investing $1.6 billion in Tesla's Gigafactory in Nevada. The statement was released by Panasonic Corp. President Kazuhiro Tsuga in a interview to Marketwatch The Gigafactory which produces lithium-ion battery is expected to cost between between $4 and $5 billion.
Panasonic has been quite silent before on its investment in this $5 billion project which is a step towards making Tesla cars affordable. "We are sort of waiting on the demand from Tesla. If Tesla succeeds and the electric vehicle becomes mainstream, the world will be changed and we will have lots of opportunity to grow," Mr. Tsuga said Tesla is expected to sell 500,000 units annually by 2020, once the gigafactory is completed.
With growing competition from Faraday Future, Volkswagen and General Motors, it will be great challenge for Tesla to actually stay ahead in this race to produce the best affordable Electric vehicles. The Tesla gigafactory is expected to be operational by 2016 or 2017 .
The local economy is going to get a boost of over $100 billion from the factory's construction in the area. The factory is specially build to reduce the production cost of Tesla's EV battery and Powerwall packs . Tesla CEO wants to build more of such factory in the future, so the present Gigafactory has been named as Gigafactory 1
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