Tesla’s Giga Factory Will be INSANE 0

gigafactory-tesla

Tesla CEO Elon Musk provided some more details on the proposed battery factory:

  • Pioneering EV maker Tesla just announced a $1.6 billion convertible debt offering. Tesla looks to offer $800 million of convertible senior notes due 2019 and $800 million due 2021 to build the world’s largest battery factory.
  • Musk predicts that the new factory will produce batteries for 500,000 vehicles by 2020
  • Tesla expects to send the kilowatt-hour price of batteries down by 30 percent.
  • The plan is for construction to start in 2014 with production in 2017
  • More than 6,000 workers in 10 million square feet of factory space.

Here’s a link to the SEC 8K form filing. It reads:

On February 26, 2014, Tesla Motors, Inc. (the “Company”) issued a press release announcing an underwritten registered public offering of $1.6 billion aggregate principal amount of convertible senior notes, comprised of $800.0 million aggregate principal amount of convertible senior notes due 2019 and $800.0 million aggregate principal amount of convertible senior notes due 2021. In addition, the Company intends to grant the underwriters 30-day options to purchase up to an additional $120.0 million in aggregate principal amount of convertible senior notes due 2019 and up to an additional $120.0 million in aggregate principal amount of convertible senior notes due 2021.

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