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February 26, 2014 AT 1:53 PM
Tesla Motors has announced plans to build a factory that will drastically reduce fuel-cell costs and ultimately produce more lithium-ion batteries per year than the total amount currently produced worldwide. The announcement to build a 500- to 1000-acre “Gigafactory” came just a day after Consumer Reports named the Tesla Model S the Best Car of the Year. Stock shares since then have risen roughly 20%, giving Tesla a market value of more than $31 billion. Along with its partners the company said it will spend between $4- and $5 billion on the factory through the year 2020, with Tesla directly investing roughly half of that sum.