Tesla announces ‘gigafactory’ as Musk net worth soars $1.1 billion in a day

February 28,2014

Earning $1.1 billion in one day is quite an achievement, even for a serial entrepreneur as talented as Elon Musk. The 42-year old saw the value of his shares for Tesla Motors surge by that amount on Tuesday, as the company’s value grew to $30 billion, already half that of GM.

 

Tesla is generating a lot of interest in the automotive field. Its Model S sedan recently garnered the highest recommendation from the influential Consumer Reports magazine. It is outselling competitors in key markets; for example, outselling the Mercedes-Benz S-Class in the USA. The high performance sedan (0-100kph in about 5.4 seconds) has a base price of $65,000. In the Philippines, Meralco chairman Manuel Pangilinan has imported a Model S for his personal use and to promote the use of electric power for cars.

 

The Silicon Valley based company has announced plans to build a ‘gigafactory’ capable of producing large quantities of lithium ion cells that store energy and power its cars. From 22,000 cars in 2013, it plans to produce 1,000 cars per week by the end of 2014. A Model X SUV will debut in 2014, and a $35,000 Model E is expected follow.

 

Tesla is also investing in autonomous driving technology. Musk’s meetings with Apple and the iPad-like console screen on the Model S has even led to rumors of an iCar.

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