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— Tesla Motors Inc on Wednesday announced plans on Wednesday to build a lithium ion battery factory, in an effort to bring down the cost of their electric cars.
The large—scale plant, called Gigafactory, will employ about 6,500 workers and will cost 4 billion to 5 billion dollars to build, according to the company announcement.
By 2020, Tesla hopes to produce more lithium ion batteries annually than those that were produced worldwide in 2013, while reducing their costs “faster than previously thought possible”.
The company said that it delivered more than 22,500 Model S vehicles in 2013 and that it was planning to deliver 500,000 by 2020.
Tesla plans to invest $ 2 billion into the project but has not yet named its partners.
The company has reportedly held meetings with Panasonic and Apple.
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