Home Daily Blitz As Tesla Fires Up the Gigafactory, Lithium Prices Are Headed for a Wild Ride
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As Tesla Fires Up the Gigafactory, Lithium Prices Are Headed for a Wild Ride

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The following is an excerpt from Nick Cunningham | January 9, 2017 | Thefiscaltimes.com |

Tesla fired up the gigafactory in the first week of 2017, which could mark a turning point for the energy storage industry.

The gigafactory in Nevada will begin mass production of lithium-ion batteries for the use in both Tesla’s Model 3 electric vehicle as well as its energy storage systems. Tesla, and its partner in the gigafactory, Panasonic, plan on hiring 4,000 people to work at the factory in 2017. By 2018, Tesla predicts that it will be churning out 35 gigawatts of lithium-ion batteries per ear, equivalent to what the rest of the world produces combined. In other words, this single factory will lead to a doubling of global battery production capacity next year.

Up until now, battery production has been dominated by companies outside the United States. An estimated 88 percent of battery production in 2015 was located in China, South Korea and Japan, dominated by companies like LG Chem and Samsung. That market share distribution is set to abruptly change with the inauguration of the gigafactory.

For more visit: Thefiscaltimes.com

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