Tesla is considering building up to 5 Gigafactories

Tesla is considering building up to five Gigafactories, the company said in its fourth-quarter earnings report on Wednesday.

Tesla is currently building Gigafactory 1 in Sparks, Nevada that is slated to operate in full capacity in 2018.

The automaker said it is currently finalizing locations for two additional Giafactories, potentially three. That means Tesla could have five Gigafactories in total, counting its solar plant in Buffalo, New York that it acquired when it bought SolarCity in a deal worth $2.1 billion.

Tesla CEO Elon Musk said in November that the company was looking to build Gigafactory 2 somewhere in Europe and would decide on a location in 2017.