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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.

Elon Musk teases Tesla Roadster update

A holiday present is coming for Tesla enthusiasts, according to a Tweet from Tesla Motors CEO Elon Musk. Like all good presents, we don't know what it'll be, though. Musk only said that details for an improved Roadster electric vehicle will be announced later this week. Ever the master of suspense, Musk would not provide further detail. He only said that a number of "crisis issues ... pushed this out longer than expected." Whatever it is, make mine red, Santa. Earlier this year at Tesla's annual shareholder meeting, Musk said the automaker would do "something cool" with the Roadster before the end of the year, though, again, he wasn't specific. In the summer, Musk told the UK's Auto Express that the Roadster would get an upgraded battery that would give the convertible a 400-mile single-charge range. That would make the convertible's range about 135 miles longer than the top-of-the-line Tesla Model S sedan. While a new Roadster has been talked about, this update is for the first-go-round model, which was sold in the US between 2008 and 2011 and had a single-charge range of 245 miles. Whether the longer range is the only news or if there's something else in store (all-wheel drive? more horsepower?), we'll all have to wait just a little bit longer to see. Featured Gallery 2012 Tesla Roadster Final Edition View 10 Photos News Source: Twitter/Elon Musk Green Tesla Electric roadster

Demand for electric car rentals unplugged by range anxiety

It's the hurdle that electric vehicles must clear to be launched into the mainstream: range anxiety. But this time it isn't prospective customers who worry about running out of juice, Bloomberg reports, but renters who return to car rental agencies before their lease is up and trade their EVs in for more traditional gasoline-powered autos and gas-electric hybrids.
"People are very keen to try [electric vehicles], but they will switch out of the contract part way through ... they think they can't get to a charging station," says Lee Broughton, head of sustainability at Enterprise. Enterprise customers who rent EVs reportedly trade them in 1.6 days into the rental period on average, which compares unfavorably to the six- to seven-day rental periods of traditional, fuel-burning automobiles.
Christopher Agnew, an analyst at MKM Holdings LLC, says that longer range would help rental customers' range anxiety, especially since they are usually renting vehicles in unfamiliar places.