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Tesla Announces Details Of Proposed Gigafactory Battery Plant

It's another day and electric automaker Tesla Motors is in the news once again. Tesla announced Wednesday that they will be offering $1.6 billion in convertible senior notes to the public. According to the press release, Tesla will use these funds to assist in "the development and production of its 'Gen III' mass market vehicle, the development of the Tesla Gigafactory and other general corporate purposes." The "Gigafactory" is a proposed lithium-ion battery plant that will sit on an estimated 500-1000 acres of land, employ around 6,500 employees and have an estimated vehicle output of 500,000 units per year in 2020, according to the automaker. That amount of vehicles will require an estimated 50 gigawatt hours of energy per year in battery pack production. That's more energy in lithium-ion batteries than was produced globally in 2013. Construction of the Gigafactory is anticipated to take place during 2014 and all of 2015, followed by equipment installation in 2016. First production launch is scheduled for 2017. In keeping with the environmentally friendly theme, the Gigafactory will be "heavily powered" by both solar and wind energy, and according to our colleagues at Autoblog Green, "will also use older Tesla packs for storage." Tesla still hasn't announced in which state the factory will be built, but it has been narrowed down to four: Arizona, New Mexico, Nevada, and Texas. More details can be read in this PDF document released by Tesla and in the press release below. TESLA ANNOUNCES $1.6 BILLION CONVERTIBLE NOTES OFFERING WEDNESDAY, FEBRUARY 26, 2014 PALO ALTO, Calif., February 26, 2014 – Tesla announced today an offering of $1.6 billion aggregate principal amount of convertible senior notes in an underwritten registered public offering. Of the total offering, Tesla will offer $800 million aggregate principal amount of convertible senior notes due 2019 and $800 million aggregate principal amount of convertible senior notes due 2021. In addition, Tesla intends to grant the underwriters a 30-day option to purchase up to an additional $120 million in aggregate principal amount of convertible senior notes due 2019 and an additional $120 million in aggregate principal amount of convertible senior notes due 2021, for a total potential offering size of up to $1.84 billion. Tesla intends to use the net proceeds from the offering to accelerate the growth of its business in the U.S.

Weekly Recap: Tesla loses money, still dominates the news

Some people get an inordinate amount of attention. In politics, it's Donald Trump. In football, it's Jim Harbaugh. And in the auto world, it's Elon Musk and his always-fascinating electric car company, Tesla Motors. General Motors is spending $877 million to upgrade a factory. So what! US auto sales are up. Who cares? Tesla has a metal snake that will recharge your car! So was the week in Tesla – er, the industry. Snarkiness aside, Tesla did dominate the news cycle, led by the announcement the company lost $184 million in the second quarter. Tesla also said it expects to deliver between 50,000 and 55,000 vehicles this year, and is preparing for a full launch of the Model X crossover in September. Musk also made news during the earnings call by simply not answering a question about ride sharing, leading to speculation Tesla could be considering its own operation. While the financials were the arguably the most important company news, reports of a Model S cyber hacking were more compelling fodder for Tesla followers. Researchers were able to attack the sedan and bring it to a stop, though they required access to the car first. Tesla says it already has deployed a remedy for the situation. On a lighter note, Tesla published a video of its metal charger prototype that autonomously uncoils like a snake to power up the company's vehicles, provoking plenty of humorous comments and comparisons. Watch it and decide for yourself. While some of this might seem trivial, much of Tesla's recent attention has been warranted. It's the first startup US automaker in decades to launch from nothing and actually gain traction in the market. Sure, Musk is a lightning rod and Tesla always seems to be in the spotlight. But amid all of the publicity, it easy to lose sight of the new reality: Tesla is a force. OTHER NEWS & NOTES 2016 Chevy Volt lights up 106 MPGe The Chevy Volt's vitals are looking healthier for 2016. The second-generation plug-in hybrid racks up a gaudy 106 miles per gallon equivalent, which is an increase of eight MPGe from the 2015 model. The new Volt can travel 53 miles on electricity, a significant jump from the 2015 Volt's 38-mile range. The new car also has a 420-mile total range when factoring in the capability of the gasoline engine, which is 40 miles greater than the current car offers.

Tesla Wins Technology Of The Year Award

The winner of AOL Auto's second annual Technology Of The Year award ran away with the votes for the award, clearly surpassing all of the other contenders. We're giving it to Tesla's Supercharger Network, which today is made up of 54 charging stations in the U.S. that can provide about half an electric car's full charge in just 20 minutes, compared with the 8-hour charges from conventional outlets. The editorial staff agreed that the Tesla Supercharger is a game changer, and easily deserves to be called the Technology Of The Year. "Tesla is showing, again, that there are amazing technological breakthroughs to be made in the EV game, and are kind of making the rest of the industry look bad," said Sebastian Blanco, editor of Autoblog Green. AOL Autos' Multimedia Director Adam Morath agreed that the Supercharger is a game changer. "With the Supercharger, Tesla is tackling the tired arguments against the electrification of the automobile head on by addressing range, charge times, charger accessibility and clean energy production (the Supercharger is powered by solar energy, not coal) all in one stroke," he said. The panel reviewed more than 40 qualified submissions from readers, editorial staff and industry, the panel of judges named the following as finalists: Chevrolet MyLink Valet Mode; Infiniti Backup Collision Intervention; Tesla Supercharger Network; Volvo Pedestrian and Cyclist Detection with Full Auto Brake; Mopar In-Vehicle Wireless Charging for Portable Devices; and Mercedes-Benz Intelligent Drive. Superchargers are located across the U.S., making it possible for an electric car driver to take a coast-to-coast trip. They're strategically placed near amenities like roadside diners, cafes, and shopping centers so drivers can stop, eat, and come back to a charged electric car. Most of the staff did not get to test the Supercharger network firsthand, but have been following it closely. A former TRANSLOGIC reporter tested it, and said it works as promised. And Blanco has been following the Supercharger's development quite closely, and said he hasn't heard a single complaint from users in the U.S. or Europe. Jeremy Korzeniewski, Managing Editor of Autoblog, said the Supercharger levels the playing ground, making electric cars almost as convenient as gas-powered cars. "There's simply no way the average consumer is going to consider putting an electric vehicle in their garage if there's no way to refuel it on the go," he said.