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Tesla to build European 'giga factory'

17 Nov, 2016 09:00 am

Tesla plans to build a "giga factory" in Europe to make its all-electric sports cars and the batteries that power them, CEO Elon Musk announced.

@ Fotolia

Site selection for the plant will begin next year when Tesla plans the worldwide launch of its Model 3 vehicle, Musk said, adding that the firm hoped to eventually open several European production sites.

Tesla is completing construction of its Giga 1 factory in Sparks, Nevada, where batteries for its forthcoming Model 3 vehicle are being manufactured.

The company is aggressively seeking to ramp up production of its all-electric cars to both meet demand and to lower costs thanks to the economies of scale it hopes to realise with high-volume production.

Read more on Business Insider
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