Not only do Tesla Motors' cars move fast, but the company is on the fast track of creating a gigantic battery factory to keep up with demand.

With all the battery-operated Tesla vehicles hitting the market, Tesla's chief Elon Musk said getting the production and testing facility up and running is a priority.  The company expects to produce batteries for the Model S and Model X cars in the factory by 2016, according to

The main challenge the company has is being able to produce enough batteries prior to the launch of the less pricey Model 3, which the company expects to launch in 2017.  The cost of the battery is expected to drop by an estimated 30 percent when the battery is mass-produced.

The main goal is to create as many lithium-ion batteries in one place as possible. In that way, Tesla expects to cut expenses. The company also expects that by 2020, it will be creating enough battery power in its Nevada gigafactory to power 500,000 Tesla cars.

The $5 billion solar-powered factory will employ roughly 6,500 workers on site and could create 22,000 jobs in all.

Japan-based Panasonic believes in the value of the factory as it has made significant investments - estimated to be billions of yen - into the project, according to reports. Panasonic is already making batteries for Tesla, and its investment is expected to grow to 40 percent of the battery operation.

The economic impact to the region shows encouraging signs, according to The Wall Street JournalThere are expected to be more than 3,000 construction and installation jobs over a three-year period.

The gigafactory requires a $5 billion initial investment in the operations, with $4 billion coming from equipment and $1 billion in building.

Tesla will give employment preference to Nevada residents and veterans. The creation of the factory will impact the local infrastructure, and improvements and expansion will be made to local roads.