Tesla's Musk says company won't decide on Gigafactory site til year's end

Tesla CEO Elon Musk plans to stay at least another 4-5 years as chief executive of the electric carmaker, he said at the company's annual meeting on Tuesday.

Musk also said that Tesla will not pick a final site for its long-awaited "Gigafactory" until the end of the year. The goal of the plant is to mass-produce lithium-ion batteries and lower their cost.

Musk said the company would go as far as seeking approvals and laying foundations for the factories in up to 3 states, before making a final choice on location.


Tesla said last month that up to five states were in the running for the factory, which it expects to create up to 6,500 jobs on $5 billion in investments.

This is breaking news. Check back for updates.

Tesla goes mass market, sort of
Tesla goes mass market, sort of