Tesla is coming — exciting opportunities

Dow Jones and CNBC are reporting Tesla has chosen Nevada as the site of its Gigafactory.

Tesla had already broken ground on a prospective site in Storey County earlier this summer that only bore the name “Project Tiger.” The Tahoe Reno Industrial Center (TRIC) in Storey County currently boasts e-commerce facilities owned by Apple, Amazon, Barnes & Noble, and Zulily.

“We look forward to meeting with Gov. (Brian) Sandoval and other legislators in Carson City at 4 p.m. tomorrow to announce a major economic development,” a Tesla rep told Business Insider.

The Gigafactory is a critical piece of CEO Elon Musk’s plan to make a mass-market Tesla car, and lower the cost of carbon-neutral power. Musk has said he intends to double the world’s supply of lithium-ion batteries by 2020 and thus drive the price of the power packs downward. He’s also said he plans to build multiple Gigafactories in the future. Tesla’s facility, which is expected to employ 6,500 workers is estimated to cost up to $5 billion.

CNBC says specific terms of the deal with the state are still being worked out, and that it could be a week before they’re announced.Tesla has said the state they choose will be expected to shoulder up to 10% of the estimated $4 billion to $5 billion cost. Of the chosen state’s potential $400 million-$500 million share of the cost, Tesla officials said it would likely be in a “package of benefits and incentives.”