Tesla CEO Elon Musk this week announced its new Gigafactory will be built in Nevada. The car maker's new battery plant will cover over 5 million square-feet, and is expected to produce enough batteries for 500,000 Tesla cars by 2020. In addition to the company's existing Model S, Tesla also has plans to offer the Model X and a more affordable Model III over the coming years; the Model III, incidentally, will retail in the $35,000 range, Musk previously said.

"The Gigafactory is an important step in advancing the cause of sustainable transportation and will enable the mass production of compelling electric vehicles for decades to come," Musk said.

With Nevada coming out the winner, the new plant is set to be a huge boon for the state's economy; Tesla gets its own incentives, of course, such as tax credits, but the factory is set to bring in a number of jobs, and produce $100 billion over the next 20 years.

Overall, the Gigafactory will employ 3,000 construction workers, bring in 6,500 manufacturing jobs, and 16,000 indirect jobs to the State once the factory is up and running. The entire operation will run exclusively on renewable energy, too, which is fitting for the Tesla brand.

As part of the agreement, Tesla has pledged to contribute just under $40 million to K-12 educations programs beginning in 2018, along with funding for more advanced battery research. Five states were in a bidding war for Tesla's new factory, including California, New Mexico and Arizona, but Nevada eventually won out for its incentives and tax abatement.