Tesla picks Nevada for $5 billion battery plant

By Sandra Chereb CARSON CITY Nevada (Reuters) - Tesla Motors Inc has selected Nevada as the site for a $5-billion battery factory that will be key to its next generation of electric cars, Nevada Governor Brian Sandoval announced on Thursday. The California-based electric car maker is still hammering out the final details on the plant that will crank out cheaper and more efficient battery packs for Tesla's future cars, including the $35,000 Model 3 that is due in 2017. Japan's Panasonic Corp will produce lithium ion cells for battery packs and will fund part of the cost of the plant, which is considered an important part of Tesla's ambitions of taking on major automakers. California, Texas, Arizona and New Mexico were also in competition for the plant. (Reporting by Sandra Schereb; Editing by Bernard Orr)