Tesla Motors, Inc. Picks Reno For Gigafactory Site
Tesla Motors, Inc.'s (NASDAQ: TSLA) much sought-after Gigafactory for battery manufacturing will come to Nevada, according to multiple news reports.
Sources within Nevada Governor Brian Sandoval's office apparently leaked the news to media outlets Wednesday, when the governor's office slated a news conference Thursday concerning a “major economic development announcement.”
Tesla Chief Executive Elon Musk told shareholders earlier this summer that Reno “could potentially" be chosen for the project, expected to create 6,500 jobs.
The company around that time announced a joint venture with Panasonic to build the $5 billion battery factory.
Other cities that had hoped to land the project included Stockton, California, and San Antonio, Texas as well as further locations in Arizona and New Mexico.
In after-hours trading Tesla gained 2.3 percent to $287.56 a share.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.