Tesla (TSLA) Gigafactory Construction Said Outpacing Expectations

Tesla's (Nasdaq: TSLA) Reno, Nevada-located Gigafactory battery factory could be up-and-running as soon as 2016.

According to market reports, Tesla submitted its quarterly report to Nevada's Legislative Commission this week as part of the $1.3 billion of tax incentives it receives for building the facility in the state.

While the initial phase of the Gigafactory has the 900,000-square-foot phase one nearly complete, the building is expected to be seven-times larger once complete.

The next phase will be bringing in an setting up manufacturing equipment.

Officials say the pace of construction is even faster than anticipated.

Once fully complete, the Gigafactory will occupy 5.8 million square feet and have two stories for over 10 million square feet of manufacturing space. It will be the largest building in the world in terms of square footage. By comparison, Boeing's (NYSE: BA) Everett Factory has about 4.3 million square feet of usable floor area. (There are other buildings globally with larger total floor area.)

Shares of Tesla are indicated higher early Friday.

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