Days after the deal was first reported, Tesla Motors has announced that its giant battery-producing Gigafactory will indeed be built in Nevada. The factory is set to produce over 50 GWh in battery power each year by 2020 — enough for half a million Tesla cars — and will be powered by renewable sources to help it become a "net zero energy" facility. Panasonic will help build and operate the factory.

"I would like to recognize the leadership of Governor Sandoval and the Nevada Legislature for partnering with Tesla to bring the Gigafactory to the state," said Tesla CEO Elon Musk. "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."

"This is great news for Nevada," said the state's governor, Brian Sandoval. "Tesla will build the world’s largest and most advanced battery factory in Nevada which means nearly one hundred billion dollars in economic impact to the Silver State over the next twenty years. I am grateful that Elon Musk and Tesla saw the promise in Nevada."