Musk (left) made the remarks in Nevada while announcing the state would be the site for Tesla's $5 billion battery factory. Gov. Brian Sandoval (left-background) says the move will bring Nevada some 6, 500 jobs
Musk says investors should be in it for the long run.
'If you care about the long-term, Tesla, I think the stock is a good price, ' he told CNBC. 'If you look at the short term, it is less clear.'
Musk made the remarks to CNBC on Thursday as he announced that Nevada was the location chosen for Tesla's gigantic lithium-ion battery plant, which is expected to bring down the cost of Tesla Model 3 by , 800.
The billion facility, called the 'gigafactory, ' is expected to bring 6, 500 jobs to the state and 0 billion in economic benefits, according to CNBC. In return, the state offered Tesla up to .3 billion in tax breaks.
Also vying for the plant had been Arizona, California, New Mexico and Texas.
'The biggest single factor was time to completion, because unless the gigafactory is ready when we need to produce the mass-market affordable electric car, the vehicle factory will be stalled — so time to execution was extremely important, ' Musk told CNBC.
'Nevada was in the lead, I would say number one, in time to execution.'
The factory is expected to open by 2017.
Musk (center) talks to reporters after announcing that Tesla Motors would build its 'gigafactory' in Nevada
Security guards at the gate to the site Tahoe Reno Industrial Center about 15 miles east of Reno, Nevada. Tesla Motors has selected the site in Nevada for a massive, $5 billion factory
How it will work: The 'gigafactory, ' as Tesla calls the project, would bring the cost of batteries down by producing them on a huge scale. Its approximately 10 million square feet, equivalent to about 174 football fields, would be running by 2017. Batteries will be produced at the site, then shipped to Fremont, where the cars are assembled
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