Elon Musk's Tesla Motors has officially opened its massive Gigafactory in Nevada that will, at one fell swoop, double the world's production of lithium-ion batteries and allow Tesla to turn a full-year profit for the first time in its 13-year history.

Tesla's $5 billion Gigafactory, which began construction in 2014, isn't totally finished yet and stands about 15 percent complete. When it's finished, however, it will span 10 million square feet, making it one of the largest buildings in the world. Musk said the world's largest battery factory might employ up to 10,000 people in the next three to four years.

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Tesla's partner in Gigafactory, Japan's Panasonic Corporation, has invested $1.6 billion in the project and will also install battery making machines by the end of this year.

Analysts said Gigafactory is key towards attaining Tesla's new goal of moving from a maker of luxury electric sedans such as the Model S to a maker of more affordable electric vehicles. Gigafactory is now assembling the batteries needed by Tesla Powerwall, a solar energy storage subsidiary that will make large batteries for home and business use.

Tesla said making its own lithium-ion batteries on a large scale at the Gigafactory will slash its battery costs by over a third by 2018. It revealed the factory will produce 35 gigawatt hours of batteries by 2018 or the equivalent of the entire world's production in 2014. Gigafactory can produce 150 gigawatt hours if needed, said Musk.

The first battery packs to be made at the Gigafactory will equip Tesla's fourth electric sedan, the Model 3, scheduled to go on sale at the end of 2017. The Model 3 will be Tesla's cheapest vehicle at a starting price of $35,000, due in part to lower battery costs. Batteries for Model S sedan and Model X SUV are made in Japan.

The Model 3 has seen massive demand since it was revealed last March. Over 325,000 people had put down a $1,000 deposit to reserve the car a week after the sedan's reveal. 

TagsGigafactory, tesla motors, Elon Musk, Nevada, Panasonic Corporation, Model 3