Tesla Motors will build its first $5 billion lithium-ion electric car battery “gigafactory” in Reno, Nev., beating out sites in California, Texas, New Mexico and Arizona.
“This is a Nevada victory,” Governor Brian Sandoval (R) said Thursday in a public statement, making official what had been rumored for more than a day: Nevada has indeed won the five-state battle for the diamond-shaped, five-million-square-foot complex with 6,500 high-paying jobs that officials say will change the face of Northern Nevada commerce.
Nevada gave Tesla $1.25 billion in assorted tax incentives over 20 years to win the factory. That’s more than double what Tesla has said the state that wins the gigafactory will have to invest in the project to make batteries for its upcoming Model 3 electric car.
The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 1.8 percent decline on the LME to $6,925 per metric ton. This comes on the heels of a 1.9 percent increase the week before. Following a 1.8 percent increase in the week prior, the copper 3-month price fell 1.8 percent on the LME last week to $6,905 per metric ton. Closing at KRW 3,890 ($3.81) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. The Chinese lead price remained steady from the previous week at CNY 14,700 ($2,393) per metric ton.
The price of US HDG rose 0.5 percent to $779.00 per short ton after falling 0.4 percent during the previous week.
The price of US palladium bar fell 1.5 percent to $870.00 per ounce after rising 2.2 percent the week before. The price of US platinum bar rose 0.3 percent to $1,404 per ounce after falling 1.5 percent during the previous week.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.