Tesla Motors Inc (NASDAQ:TSLA) said recently that there are four states in the running to be the home of its massive gigafactory. Those states are Arizona, Texas, New Mexico and Nevada. You may notice that California’s missing from that list. Most believe it’s highly unlikely that California will be able to woo Tesla into setting up a second facility there, but the state isn’t giving up just yet.
Sacramento wants Tesla’s gigafactory
Reports from various media outlets last week provided updates on Tesla Motors Inc (NASDAQ:TSLA)’s gigafactory plans. One from The Sacramento Bee indicated that California is setting forth the Mather Airport business park in Sacramento as a potential candidate for the automaker. Mather was a base for the U.S. Air Force until 1993. At that point, it was converted into a business park and cargo airport.
ARK Invest is known for targeting high-growth technology companies, with one of its most recent additions being DraftKings. In an interview with Maverick's Lee Ainslie at the Robinhood Investors Conference this week, Cathie Wood of ARK Invest discussed the firm's process and updated its views on some positions, including Tesla. Q1 2021 hedge fund letters, Read More
Tesla Motors Inc (NASDAQ:TSLA) plans to break ground on the first of two potential gigafactory sites in June. The automaker expects to break ground on a second shortly thereafter and then see which of the two states it breaks ground in can get all the permits and necessary paperwork processed the fastest.
Currently even Tesla Motors Inc (NASDAQ:TSLA) doesn’t believe California will be able to get things in line quickly enough. The other states have a head start on getting things together, so California will need to move quickly. However, officials in California still think they’ve got a shot at attracting Tesla and its gigafactory.
Panasonic wants exclusivity in Tesla’s gigafactory
Meanwhile, Panasonic Corporation (ADR) (OTCMKTS:PCRFY) (TYO:6752) is looking over Tesla Motors Inc (NASDAQ:TSLA)’s proposed partnership agreement for the gigafactory. Media reports from last week indicated that Panasonic wants to be the only battery maker in that factory.
However, Tesla management has said that Panasonic Corporation (ADR) (OTCMKTS:PCRFY) (TYO:6752) will not be their only partner in the gigafactory. Chief Technical Officer JB Straubel told The Wall Street Journal that he believes they’re making progress on their cost cutting measures for the battery packs. He also said that Panasonic “is by far the primary” partner they will have in the gigafactory.