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Tesla Motors Inc.

's plan to build what co-founder Elon Musk bills as the world's largest battery factory could shake up the power industry and trigger a bidding contest between states eager for the 6,500 jobs the $5 billion investment could create.

The luxury electric-car maker said Wednesday that it's selling at least $1.6 billion of convertible notes to finance the project and exploring locations in Texas, Nevada, Arizona and New Mexico for a 10 million-square-foot facility.

Tesla declined to comment on whether any negotiations had begun.



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