Electric motor vehicle maker Tesla Motors Inc (NASDAQ:TSLA) has officially opened its Gigafactory in Nevada, though the US$5bn plant is far from complete.
Work began on the factory just over two years ago, and when completed it will cover some 10mln square feet, making it one of the largest buildings in the world. At present, around 14% of the plant has been completed and made operational.
The so-called Gigafactory will enable the company to make its own lithium-ion batteries on a scale and at a price that should reduce battery costs by more than a third by 2018, according to reports.
Even by electric car standards, Tesla vehicles are expensive, but it is planning to release its Model 3 sedan, the fourth model in the Tesla line, at a relatively affordable starting price of US$35,000 towards the end of next year.
The Model 3 was unveiled at the end of March and already more than 325,000 people have put down a deposit of more than US$1,000 to reserve one.
Shares opened around 0.8% lower at US$227.70 on Wednesday.