Does Elon Musk’s Tesla Model S ‘Signal the Beginning of the End for Oil?’

“With a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire worldwide production of lithium ion batteries,” the company said. “The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand.”The factory, which will be powered by renewable energy, is gunning for an annual battery production capacity of 35 gigawatt-hours, according to the Tesla Motors.Construction of the Gigafactory is well underway. Hybrid Cars reports that the first construction phase of a 90,000 square foot building is nearly done and will soon be ready to install manufacturing equipment. Check out aerial footage of the factory’s huge expanse in this video:

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Source: Does Elon Musk’s Tesla Model S ‘Signal the Beginning of the End for Oil?’