Tesla talks to shareholders; mentions site near Reno

Reported by: Terri Hendry
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Updated: 7/31/2014 9:57 pm
RENO, Nev. (MyNews4.com & KRNV) -- Electric car make Tesla spoke to its shareholders in its annual second-quarter meeting. The company mentioned it had broken ground on a site near Reno, in talking about the future of the company.

While Tesla did not mention the Reno-Tahoe Industrial Park, Storey County or The Tiger Project, no other state or site was mentioned. The company also revealed it had not broken ground in any other state besides Nevada. Tesla is talking to California, Texas, New Mexico and Arizona.

The company wants to build a $5 billion dollar gigafactory that will make lithium batteries. Tesla projects it will employ up to 6,500 employees by the year 2020 at this facility.

Meanwhile, Tesla also announced it had reached an agreement with the Panasonic Corporation. The agreement with the battery maker lays out the cooperation between the two companies on the construction of a large-scale battery manufacturing plant in the United States, known as the gigafactory.

According to the agreement, Tesla will prepare, provide and manage the land, buildings and utilities. Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing tools, based on their mutual approval.

A network of supplier partners is planned to produce the required precursor materials. Tesla will take the cells and other components to assemble battery modules and packs. To meet the projected demand for cells, Tesla will continue to purchase battery cells produced in Panasonic's factories in Japan. Tesla and Panasonic will continue to discuss the details of implementation including sales, operations and investment.

The Gigafactory will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. You can read more about the agreement here.
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