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Podcasts Take Two
Tesla to build its 'Gigafactory' in Nevada
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Sep 5, 2014
Listen • 4:49
Tesla to build its 'Gigafactory' in Nevada
Tesla Motors CEO Elon Musk has vowed to spend $5 billion on a factory the size of 174 football fields that will mass produce cheaper batteries.
PALO ALTO, CA - NOVEMBER 05: The Tesla logo is shown on the front of a new Tesla Model S car at a Tesla showroom on November 5, 2013 in Palo Alto, California. Tesla will report third quarter earnings today after the closing bell. (Photo by Justin Sullivan/Getty Images)
The Tesla logo is shown on the front of a new Tesla Model S car at a Tesla showroom on November 5, 2013 in Palo Alto, California.
(
Justin Sullivan/Getty Images
)

Tesla Motors CEO Elon Musk has vowed to spend $5 billion on a factory the size of 174 football fields that will mass produce cheaper batteries.

Tesla Motors announced Thursday it will build its so-called "Gigafactory" in northern Nevada.

The automaker company's CEO Elon Musk vowed to spend $5 billion on a factory the size of 174 football fields that will mass produce cheaper batteries.  

Alan Ohnsman, who covers the auto industry for Bloomberg News, explains how the Silver State won and what this means for the auto industry.