A joint effort between Tesla and Panasonic, the Gigafactory is a $5 billion project that will create the world's premier battery manufacturing facility. 

The Gigafactory will not only be physically larger than any other cell-packing plant on the planet, it'll produce more batteries than the entire industry did back in 2013.

Elon was speaking at the opening party and said that long term there would be a gigafactory of this scale on every continent, mentioning Europe and Asia (specifically India) by name as the planned locations for the next factories.

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