Earlier this year Tesla announced plans to build a $5 billion Gigafactory battery plant that will reduce battery costs by 30 percent. This week Tesla CEO Elon Musk predicted that Tesla’s Gigafactory will be just one of hundreds of future Gigafactories that will be needed as the automotive industry produces more electric vehicles.
This week Elon Musk spoke at the World Energy Innovation Forum, where he revealed that Tesla’s Gigafactory could reduce battery costs by more than 30 percent. He also predicted that the automotive industry will need at least 200 Gigafactories to meet electric vehicle demand. Tesla has yet to announce the locations of its first two Gigafactories, which could be in Arizona, Nevada, New Mexico or Texas. Tesla is expected to break ground on the first of its two Giagfactories next month.