Tesla Motors opening new manufacturing facility in 2017

Tesla Motors announced plans to open a new battery factory in 2017. The facility, which will hire more than 6,500 people when it opens, will manufacture lithium-ion batteries that will then be sent to a Tesla assembly plant in California.

The location for the new facility, which the company is dubbing the "Gigafactory​," has yet to be decided, but Nevada, Arizona, New Mexico and Texas are all being considered. Batteries from the new facility would help power the Tesla's Model S Sedan. The company is projecting the new factory would supply batteries to more than 500,000 vehicles by 2020.

Tesla will be investing $2 billion into the 10 million-square-foot project. The California-based auto manufacturer also hopes to raise $1.6 billion in a debt offering that would go to building the new factory and lower vehicle costs.

The entire facility will cost around $5 billion, including the $2 billion contribution from Tesla. The res of the facility will be funded by investors, but Tesla has yet to announce who the other investors will be.

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