The Tesla/Panasonic Gigafactory is still on track to begin lithium-ion battery cell production sometime later this year, according to Tesla’s just released Quarter 3 2016 shareholder letter.
Initial battery cell production at the Gigafactory will be used primarily for energy storage products, and then to support volume production of the Tesla Model 3 during the second half of 2017.
In addition to battery production at the Gigafactory in Nevada, Tesla is working to expand production capacity at its Fremont (California) facility, and is also exploring possible expansion in Europe and Asia, according to the letter to shareholders.
With regard to the potential synergies between Tesla’s energy storage business and SolarCity’s soon-to-be-acquired solar PV business, the shareholder letter stated: “Acquiring SolarCity would leverage Tesla’s existing investments in the Gigafactory and the next-generation Powerwall and Powerpack to drive revenue growth. In addition to the revenue growth associated with making solar more compelling, the combined company is expected to achieve over $150 million of direct cost synergies in the first full year post-close.”
Notably, the letter also made mention of upcoming events that will shed more light on the SolarCity acquisition and associated plans. These include:
- A product demonstration event on October 28th, unveiling an integrated solar PV roof, next-gen lithium-ion energy storage, and EV charging, product. (CleanTechnica will be present at the unveiling as a member of the press and reporting back as quickly and thoroughly as possible.)
- The release of further information about the combined company on November 1st.
- A stockholder meeting on November 17th to tally the final vote on the acquisition plan.
Photos by Stephen J. Veneruso
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
CleanTechnica Holiday Wish Book
Our Latest EVObsession Video
CleanTechnica uses affiliate links. See our policy here.