US electric automaker Tesla Motors today announced a huge partnership with Japanese electronics giant Panasonic to jointly build and operate a huge lithium ion battery plant known as the Gigafactory.
The deal will see Tesla will run the operations at the proposed US-based plant, while Panasonic will make battery cells for the plant and invest in equipment and machinery.
The location for the epic Gigafactory is yet to be confirmed but Musk has confirmed that ground has been broken in Nevada.
The final site will be announced in a few months, while it's expecgted about 6500 will be employed to work at the new facility.
"The Gigafactory is being created to enable a continuous reduction in the cost of long-range battery packs in parallel with manufacturing at the volumes required to enable Tesla to meet its goal of advancing mass market electric vehicles," the companies said in a joint statement.
Musk, who recently released of all his company's patents for free, told investors the electric car company will "certainly" make more than 60,000 vehicles in 2015, up from an expected 35,000 this year.
By the end of 2015, he said, the company will make about 1000 of the current Model S and the about the same amount of the Model X, a crossover SUV that Tesla expects to start making in the second quarter.
The companies did not disclose financial terms.
We first reported on the Tesla Model S back in 2009 here.