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February 26, 2014 AT 12:27 PM
This afternoon, Tesla Motors released details on its proposed "Gigafactory" to build lithium-ion cells for its future electric cars. To provide enough cell capacity to build a projected 500,000 electric vehicles in the year 2020, Tesla would require more cells than last year's entire global production. Hence, as CEO Elon Musk has said several times, it will need its own gigantic U.S.-based cell assembly plant, which he dubbed the "gigafactory."