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Tesla Announces Details Of Proposed Gigafactory Battery Plant

It's another day and electric automaker Tesla Motors is in the news once again. Tesla announced Wednesday that they will be offering $1.6 billion in convertible senior notes to the public. According to the press release, Tesla will use these funds to assist in "the development and production of its 'Gen III' mass market vehicle, the development of the Tesla Gigafactory and other general corporate purposes." The "Gigafactory" is a proposed lithium-ion battery plant that will sit on an estimated 500-1000 acres of land, employ around 6,500 employees and have an estimated vehicle output of 500,000 units per year in 2020, according to the automaker. That amount of vehicles will require an estimated 50 gigawatt hours of energy per year in battery pack production. That's more energy in lithium-ion batteries than was produced globally in 2013. Construction of the Gigafactory is anticipated to take place during 2014 and all of 2015, followed by equipment installation in 2016. First production launch is scheduled for 2017. In keeping with the environmentally friendly theme, the Gigafactory will be "heavily powered" by both solar and wind energy, and according to our colleagues at Autoblog Green, "will also use older Tesla packs for storage." Tesla still hasn't announced in which state the factory will be built, but it has been narrowed down to four: Arizona, New Mexico, Nevada, and Texas. More details can be read in this PDF document released by Tesla and in the press release below. TESLA ANNOUNCES $1.6 BILLION CONVERTIBLE NOTES OFFERING WEDNESDAY, FEBRUARY 26, 2014 PALO ALTO, Calif., February 26, 2014 – Tesla announced today an offering of $1.6 billion aggregate principal amount of convertible senior notes in an underwritten registered public offering. Of the total offering, Tesla will offer $800 million aggregate principal amount of convertible senior notes due 2019 and $800 million aggregate principal amount of convertible senior notes due 2021. In addition, Tesla intends to grant the underwriters a 30-day option to purchase up to an additional $120 million in aggregate principal amount of convertible senior notes due 2019 and an additional $120 million in aggregate principal amount of convertible senior notes due 2021, for a total potential offering size of up to $1.84 billion. Tesla intends to use the net proceeds from the offering to accelerate the growth of its business in the U.S.

US Senate authorizes DOE green car loan program [UPDATE]

Tesla Motors' crush of Model 3 reservations is fresh in everyone's minds, while Fisker Automotive (or at least its bankruptcy) is a distant memory. That's one explanation for a US Senate with a Republican leadership at one time bashed the Department of Energy's loan program for green-vehicle makers but now, under bipartisan support, the Senate has OK'd about $1.6 billion more to push forward green-vehicle technology, according to Hybrid Cars. The Senate voted to authorize a $1.6-billion federal program. The US Senate voted by about a seven-to-one margin to authorize a $1.6-billion federal program for the DOE's Vehicle Technologies Office program housed under the Office of Energy Efficiency and Renewable Energy (EERE). This is a different program from the Advanced Technology Vehicle Manufacturing (ATVM) program, which was last funded in 2007. The feds have been green-lit to spend $339 million per year through 2020 to speed up the development of advanced-technology vehicles. The mission: to get the US new light-duty fleet to meet the Corporate Average Fuel Economy (CAFE) mandate of a 54.5 miles per gallon average (which is a real-world average of around 40 mpg) by 2025. Four automakers received funding from the ATVM program in the first go-round. The list was: Tesla, Fisker, Ford and Nissan. Specifically, Tesla was loaned $465 million in 2010, and paid that loan back in 2013 – about nine years ahead of time, with interest. On the flip side, the Department of Energy was slated to loan extended-range plug-in vehicle maker Fisker $528 million, but Fisker only received $192 million before the spigot got shut off because of missed deadlines. Fisker collected enough cash to pay down some of the debt, but the government still was stuck with $168 million unpaid. And that got washed out in Fisker's 2013 bankruptcy. Nissan was awarded $1.4 billion and Ford got $5.9 billion. Senator Gary Peters (D-Michigan), one of the authors of the new bill, issued a press release about the new funding, which you can read here. The new ATVM program will also target automotive suppliers. UPDATE: This post has been updated. We inaccurately said that the ATVM had been re-authorized. In fact, the ATVM loan program "has $16 billion in remaining loan authority for automotive or component manufacturers for reequipping, expanding, or establishing manufacturing facilities in the U.S.

Rinspeed XchangE points the way forward for secure, autonomous EV driving [w/video]

If there're features that have great potential to sell the public at large on the concept of self-driving cars, we're guessing that cozy, rear-facing seats and a gigantic in-car 4K television are high on the list. If you've heard of the Swiss company Rinspeed, you almost certainly associate it with outlandish concept cars, and this XchangE autonomous EV fits that description, while still providing insight into a seemingly plausible future. Always a highlight of the Geneva Motor Show, this year's Rinspeed concept has transformed a Tesla Model S into a self-piloting, business class, mobility pod. Or something very like that. Sure, you can drive the XchangE for yourself if you like, but then you'd miss out using the all-new, HTML5-based infotainment platform or the aforementioned mobile movie theatre, which is operable via gesture controls. No more losing the remote down the seat crack for you. Beyond the show car "wow factor" items like the striking interior treatment and green-on-yellow paint scheme, it is interesting to see that Rinspeed has taken electronic security very seriously for the concept car. The infotainment platform is said to be bolstered against hacker attacks, the LTE wireless system offers secure data transmission, and the car systems themselves use RFID tech to identify authorized drivers. Considering the legitimate concerns associated with autonomous cars in a fully computerized, connected environment, high-security while on the motorway might be the biggest luxury of all. Find the usual complement of video, press release and official photos below and see our live gallery of the XchangE concept, above. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2014 Geneva Motor Show: Rinspeed presents the future of autonomous driving. What will move us tomorrow: the office and living room on wheels. Traveling in business-class style redefined with innovative Harman infotainment concept. Autonomous driving is set to become reality in the near future. While the major automakers are putting the finishing touches on the technology, the Swiss idea factory Rinspeed puts man at the center of the autonomous car. At the 2014 Geneva Motor Show Rinspeed presents the "XchangE" study to the public in a world premiere. It demonstrates how cars will 'move' us just a few short years from now, in both senses of the word. Frank M.