Elon Musk: Why Tesla builds gigantic battery factories

Credit: Finance Jane

Tesla’s mission is to accelerate the world’s transition to sustainable energy through increasingly affordable electric vehicles and energy products.

To ramp production to 500,000 cars per year, Tesla alone will require today’s entire worldwide supply of lithium-ion batteries.

The Tesla Gigafactory was born out of necessity and will supply enough batteries to support Tesla’s projected vehicle demand.

In mid-2018, battery production at Gigafactory 1 reached an annualized rate of roughly 20 GWh, making it the highest-volume battery plant in the world.

Tesla currently produces more batteries in terms of kWh than all other carmakers combined.

In the video, Elon Musk talks about the early days of his gigantic battery factories.

Source: Finance Jane.