UPDATE 2-Tesla to raise $1.6 bln to build battery factory

Newswire

By James B. Kelleher Feb 26 (Reuters) - Tesla Motors Inc said on Wednesday it plans to raise $1.6 billion from investors to finance a new battery factory that will help the upstart U.S. automaker reach its goal of producing a lower-priced, mass-market electric car by 2017. Tesla said the new plant, nicknamed the "Gigafactory," would be built in one of four states: Nevada, Arizona, New Mexico or Texas. By 2020, Tesla said, the plant would be able ...

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