Last week Tesla CEO Elon Musk announced that the automaker will deliver 100,000 electric vehicles in 2015. The news sent Tesla’s stock up five percent the morning after Musk released the statement. Investors were happy about the news, since the 100,000 vehicle production estimate is a big jump up from the 22,000 vehicles Tesla produced in 2013 and the 35,000 that is projected for this year.

Tesla, Elon Musk, Tesla Model S, Tesla Model X, Tesla Model 3, Tesla Model III, electric car, green car, gigafactory, green transportation, lithium-ion battery

Tesla projects that it will sell 100,000 vehicles next year – a figure that will be aided by the introduction of the Model X SUV and increased production of the popular Model S sedan. Tesla also announced that it has begun work on its first “Gigafactory,” which will be built just outside Reno, Nevada. Tesla may also consider an additional site in California, Texas, Arizona or New Mexico if there are sufficient tax incentives.

Related: Tesla’s $35,000 Model III Electric Car is Coming in 2017 With a 200-Mile Range

JB Straubel, chief technical officer and co-founder of Tesla Motors said: “the Gigafactory represents a fundamental change in the way large scale battery production can be realized. Not only does the Gigafactory enable capacity needed for the Model 3 but it sets the path for a dramatic reduction in the cost of energy storage across a broad range of applications.”

After the Model X enters production next year, all of the attention will then shift to the cheaper Model 3 sedan, which is slated to arrive in 2017.

+ Tesla Motors

Via Slashdot