Tesla "Gigafactory" to Open in July

Tesla, more noted for its automotive prowess, is believed to be officially opening it "Gigafactory" on July 29, according to several financial magazines in the US. A Gigafactory, as named by the company, is a large plant in Nevada where the electric car company produces battery packs for its cars and home power storage packs. Multiple publications, including Fortune and Tesla Central, have confirmed this date to be the time when Elon Musk, the company CEO, intends to cut the red ribbon in what has been touted as the future base of power for several vehicles and power generation devices. So far, it appears that Tesla has only sent invites to certain VIPs, including those who "won" invites to the event through the company's Model S sales referral program by referring five buyers, the Verge reports. Speaking of Model 3, the Gigafactory is seen as a key element to the affordable mass production of the vehicle. At peak output in 2020, it is expected to produce 35 gigawatt-hours of battery capacity per year.