The American electric automobile manufacturer, Tesla Motors, has received a bad news, as its financial cost of constructing the largest ion battery-manufacturing factory has increased. Tesla news reported that the building cost of the battery plant in Nevada has crossed $62,000,000. The building project encompasses the establishment of the initial steel structure of the plant. The installation of the structure began last December, and the company had planned to finish the installation by June.
Experts hold the view that the process would end up in September. The process of establishing a 1,500,000-gallon water tank started in late March, for which Farr Construction Corp has been held responsible. Apart from that, a new concrete work has to be done on the main substation of the site by Phoneix-based Suntec Concrete.
Tesla motors news affirms that the process of rating the sites at the compound of the factory has started by Granite construction. The price of groundwork varies from site to site. The company has estimated a cost of $6 per cubic yard for the areas within the Tahoe-Reno Industrial Center. Construction experts have stated that the cost of grading the three sites would be at least $6,000,000.The estimated plant-building cost at the factory through January was $53,100,000. This information is sufficient to explain that the construction cost has increased quite rapidly.
Tesla news today informed that the Japanese electronics company, Panasonic, is also participating in the construction project. Experts believe that the size of the factory would exceed the size of all the lithium–ion battery plants. Industry sources have highlighted that both organizations would require $5,000,000,000 to invest in this project. This increase in the cost was expected. The endeavors mark the future prospects of the company.
A number of labor unions had posted information regarding the delay of the construction project. The Chief Executive Officer of Tesla Motors, Elon Musk, had rejected the posts of the union. Mr. Musk stated that the construction of the factory had not been slowed down. The management of the vehicle manufacturer wants to ensure that the project finishes on time. The business believes that its huge investment would yield very good results.
Market sources revealed that the rapid construction of the plant had contributed to the recovery of the construction industry of Nevada, which suffered from a recession in the past. This development would play an important role in improving the living standards of the construction workers in terms of employment opportunities. It is expected that those opportunities would play a significant role in improving the economy of the American state. Now it is yet to be seen that to what extent the construction speed is able to contribute in benefitting Tesla and its customers.
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