Gigafactory touted as an energy gamechanger

Elon Musk (Getty)
Elon Musk (Getty)

Business magnate Elon Musk has announced more details regarding his planned 'Gigafactory'.

The US$5 billion building, due to open next year, will be the largest in the world and is expected to be a gamechanger for battery tech and renewable energy.

According to Mr Musk, the Gigafactory is far more than just a building.

"We consider [the factory] to be a product," he said during a press conference on Monday (NZ time).

"The factory itself is the machine that builds the machine."

Located in Nevada, the Gigafactory is expected to make Tesla's cars more energy efficient and much more affordable.