Tesla closes on free Nevada land for gigafactory

Fortune

Tesla Motors today closed its deal to acquire the 980-acre site in an industrial park outside Reno where it has already begun pouring concrete for a giant lithium-ion battery factory.

Lance Gilman, a principal and partner with the Tahoe-Reno Industrial Center, told Fortune today that papers have been filed in the Storey County courthouse transferring the “gigafactory” site to the automaker. Tesla [fortune-stock symbol=”TSLA”] is getting the land for free, along with a $1.3-billion package of economic-development incentives it negotiated with Nevada.

Scheduled for completion in 2020, the gigafactory is intended to produce 500,000 battery packs a year, mostly to be shipped to the company’s auto-assembly plant in Fremont, California, for use its promised mass-market electric car.

Tesla CEO Elon Musk has said his company will start producing the car, priced at about $35,000, in 2017. He says the gigafactory—intended to double worldwide lithium-cell production—will cut battery costs by more…

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