Tesla Motors is planning an expansion that could help make its battery-powered cars more affordable and widely available. The company is planning on building a billion-dollar “Gigafactory” to produce more lithium ion batteries for its cars.
Sites in Nevada, Arizona, New Mexico and Texas are being considered for the factory, the company said Wednesday, reports The Associated Press. Although it did not say specifically where in these states it was considering, Tesla said it wants to break ground this year and get the factory operational by 2017. The factory would provide around 6,5000 jobs.
According to CNN Money, the plant would produce more batteries, thereby lowering the cost. That could make Tesla’s electric cars, which are assembled in Fremont, Calif., more affordable for the general public.
Tesla will invest $2 billion in the plant, with the remaining $2 million to $3 million paid for by its partners. The company is also aiming to raise $1.6 million in bonds to help fund it, notes USA Today.
Tesla currently only has one model, the Model S sedan, which starts at $69,000. It can go 200 miles between charges. It believes that the factory will be able to cut battery costs by 30 percent.