Tesla Motors and Panasonic officially agreed to partner on the construction of the Gigafactory, the massive plant expected to crank out lithium-ion batteries for as many as 500,000 electric vehicles by 2020.
A final deal was widely anticipated amid media reports in recent days, but Musk also said it was as good as done back in May.
Under the agreement, Tesla will handle the land, buildings and utilities, while Panasonic will invest in the necessary equipment and manufacture the lithium-ion cells.
The location of the factory is still unknown, though Arizona, California, Nevada, New Mexico and Texas were all in the running in recent months. Tesla may provide additional details after market close on Thursday, when it hosts an investor call to discuss quarterly earnings results.
This article originally appeared on Recode.net.
Will you support Vox’s explanatory journalism?
Most news outlets make their money through advertising or subscriptions. But when it comes to what we’re trying to do at Vox, there are a couple of big issues with relying on ads and subscriptions to keep the lights on:
First, advertising dollars go up and down with the economy. We often only know a few months out what our advertising revenue will be, which makes it hard to plan ahead.
Second, we’re not in the subscriptions business. Vox is here to help everyone understand the complex issues shaping the world — not just the people who can afford to pay for a subscription. We believe that’s an important part of building a more equal society. And we can’t do that if we have a paywall.
So even though advertising is still our biggest source of revenue, we also seek grants and reader support. (And no matter how our work is funded, we have strict guidelines on editorial independence.)
If you also believe that everyone deserves access to trusted high-quality information, will you make a gift to Vox today? Any amount helps.
Yes, I'll give $5/month
Yes, I'll give $5/month
We accept credit card, Apple Pay, and
Google Pay. You can also contribute via
:format(webp)/cdn.vox-cdn.com/uploads/chorus_image/image/63701679/tesla_model_s1.0.1505262772.0.png)
