Tesla Motors to Build Battery 'Gigafactory' in Nevada

      Tesla Motors is building a new factory in Nevada to produce batteries for its electric cars, thecompany announced Thursday (Sept. 4).

The state has been selected as the official site for Tesla's futuristic-sounding Gigafactory, according to Elon Musk, chairman and CEO of the Palo Alto, California-based Tesla Motors.

"The Gigafactory is an important step in advancing the cause of sustainable transportation and will enable the mass production of compelling electric vehicles for decades to come," Musk said in a statement.