- Tesla CEO Elon Musk said that the company aims to begin producing cars in China in 2020.
- The company also aims to ramp up its energy business and launch several new cars in the same time frame.
Tesla CEO Elon Musk has aggressive expansion plans for the company over the next few years.
One of the most notable things that Musk has planned is a big push into China. The company aims to begin producing its cars in a new factory in Shanghai in about three years, Musk said during Tesla’s third-quarter earnings call Thursday.
But that’s not all Musk envisions for Tesla during the next few years.
Among other things, Musk aims for Tesla to launch a new compact SUV, perfect autonomous cars, and expand its energy business — all by 2020.
Here’s what else Musk wants Tesla to accomplish by then.
Finish building its giant battery plant called Gigafactory 1.
The Gigafactory 1, which is located in Nevada, is crucial to Tesla’s future because it is expected to help the company produce batteries en masse so that it can drive down the cost of the technology by as much as 30%.
Tesla claims the Gigafactory would help the company dramatically cut the cost of its batteries once it’s fully operational by “using economies of scale, innovative manufacturing, reduction of waste, and the simple optimization of locating most manufacturing process under one roof.”
In fact, Tesla has said that by 2018 the Gigafactory will be able to produce almost as many lithium-ion cells as the rest of the world’s battery production combined.