Tesla is ahead of the curve with its battery plant construction, but competition is on the way.
Daimler, Mercedes' parent company, broke ground on its second battery plant in Germany in May, which will begin production in 2018. Chinese companies are also reportedly ramping up battery production and are on track to compete with Tesla by 2021, Bloomberg reported.
Musk has said he plans to build up to five Gigafactories. One is located in Buffalo, New York and will begin producing cells for Tesla's solar roof by the end of 2017.
Musk has yet to determine the locations of the other three Gigafactories but is considering spots in Europe and China.
Tesla's Gigafactory doesn't only support the electric automaker's line of vehicles. Tesla has made serious headway on commercial battery pack installation and is planning to build the world's largest battery in Australia.