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Posts Tagged ‘gigafactory’

Tesla Delays “Unexpected” News, but Announces Solar Cell Deal with Panasonic

“Needs a few more days of refinement,” tweets CEO Musk.

by on Oct.17, 2016

Panasonic claims to make the world's most efficient rooftop solar cells.

Those who were hoping for a big announcement from Tesla Motors are going to have to wait a couple more days, according to CEO Elon Musk, though the Silicon Valley-based electric car company did have some significant news to report on Monday.

Tesla says it will expand its alliance with Japanese electronics giant Panasonic to start producing solar cells. That could be a major development for SolarCity, the solar panel company Tesla recently said it will acquire. Panasonic already produces batteries for Tesla’s electric vehicles and is a major partner in the massive Gigafactory battery plant being erected in Reno, Nevada.

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Tesla’s Musk had hinted earlier this month that the company would make an “unexpected” product announcement on October 17th, but in an overnight tweet, the South African-born entrepreneur said the project “needs a few more days of refinement,” and won’t be revealed until Wednesday.

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Tesla Gigafactory Delay Complicating Tesla’s Worsening Financial Woes

Maker likely to blow through at least a third of its cash.

by on Aug.09, 2016

Tesla CEO Elon Musk.

Barely two weeks after Tesla Motors CEO Elon Musk led a tour of the company’s new Gigafactory, it turns out that battery plant is running both late and likely over budget – something that is expected to worsen an already troublesome financial situation for the battery-carmaker.

Intended to be the world’s largest lithium-ion plant, the Gigafactory is already set to begin partial operation, and Musk last week boasted of plans to eventually boost output far beyond the original plans. But Tesla now says it spent nearly $120 million to prep the facility during the first half of the year with costs for all of 2016 expected to balloon to $520 million.

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That’s one reason the carmaker’s cash reserves are fast on the decline. In fact, Tesla said it will have to lay out $1.1 billion, or about a third of its cash, during just the third quarter of this year. And with plenty of work left both on the Gigafactory and on the development of the Model 3 sedan, the financial pressures on the company are expected to grow more severe –especially in light of its unexpectedly sharp second-quarter loss.

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Volkswagen Contemplates Building a Gigafactory

New plant to supply burgeoning EV line-up.

by on May.31, 2016

Volkswagen officials show off the maker's new battery electric minivan concept, BUDD-e, earlier this year.

Since the scandal surrounding its diesel engines broke, Volkswagen has been pushing its electrification program to the fore to show its commitment to green technologies. Skeptics wondered how serious the maker was.

Apparently giga-serious.

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The company is contemplating building an $11 billion gigafactory of its own to churn out batteries for its electric vehicles, according to a report from Handlesblatt, a German publication. (more…)

GM to Announce New Uses for Old Batteries

Backup systems could find new applications for used lithium batteries.

by on Jun.11, 2015

A T-shaped lithium-ion battery-pack from the original Chevrolet Volt plug-in hybrid.

While battery-car sales have been growing at a slower pace than proponents have projected, that still means more than 100,000 new battery packs will be put on the road in the U.S. this year. What to do with them when those vehicles are ready to be scrapped has become an increasingly big concern.

General Motors will announce plans next Tuesday that would create new uses for old batteries. The maker isn’t tipping its hand, but previously had hinted at applications that could include using recycled batteries from its Chevrolet Volt plug-in hybrid for power utility back-up systems.

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The announcement will come just before GM begins production of a second-generation Volt for the 2016 model-year. The maker also is readying an all-new electric vehicle, the Chevrolet Bolt, which will be powered by roughly twice as many batteries as most pure EVs on the road today.

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Tesla May Collaborate with BMW

Makers could share batteries, carbon-fiber components.

by on Nov.24, 2014

Tesla CEO Elon Musk during a recent TV appearance.

(This story has been revised to reflect comments by BMW.)

Battery-carmaker Tesla Motors has begun discussing a possible collaboration with Germany’s BMW AG, according to the U.S. company’s CEO Elon Musk.

The two makers are discussing the use of sharing batteries and the lightweight components that can help improve vehicle range. The news comes a month after Germany’s Daimler AG sold off its 4% stake in Tesla.

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“We are talking about whether we can collaborate in battery technology or charging stations,” Musk said in an interview with the German news weekly Der Spiegel.

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Tesla, Panasonic Lock Down Gigafactory Deal

More details revealed about planned battery plant.

by on Jul.31, 2014

Tesla and Panasonic formally announced their plans to partner in the development of the new "Gigafactory" to make batteries for electric vehicles.

Electric carmaker Tesla Motors today formally locked down its alliance with Japanese electronics giant Panasonic, the two confirming they will move ahead on a planned $5 billion “Gigafactory” that is expected to become the world’s largest lithium-ion battery plant.

Tesla had earlier announced plans to build the Gigafactory, which it said was essential to its goal of taking battery cars to a more mainstream market segment with the launch of its $35,000 Model 3 later this decade.

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The partners revealed a number of new details about the battery plant as it confirmed signing a deal with Panasonic, but one fact remains unknown: where the Gigafactory will be built. The maker is considering five states for the project, which will eventually employ as many as 6,500 workers: Arizona, California, Nevada, New Mexico and Texas. (more…)

Tesla May Raise Gigacapital to Build Gigafactory

Maker unlikely to meet demand in China this year.

by on Feb.20, 2014

Tesla CEO Elon Musk said the company would likely need to raise capital if its proposed battery "gigafactory" was to be ready in the next three years.

Tesla Motor’s financial results showed the company’s progress, but the performance of the stock reflects its perceived potential. Now it appears the EV maker is going to leverage that to raise capital.

The company is preparing to announce its plans to develop a “gigafactory” that would produce batteries for its vehicles at a much higher volume and much lower cost, but in order to do it, it’s going to need some cash and now’s the time to get some with the stock price at an all time high.

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“I think that’s a good idea,” said said Elon Musk, Tesla’s founder and leader, during a conference call with analysts yesterday. He declined to comment specifically about the possibility, but allowed if the company were to build the gigafactory within the next three years, raising money to do so would be necessary. Since the announcement for the plan will be next week, it seems getting some more cash is on Tesla’s agenda. (more…)