Tesla Motors is building the largest building in the world to house an ambitious battery factory, called the "Gigafactory," in the Nevada desert. It will be three times the size of Central Park.

Why? Tesla's goal is to double the worlds' production of rechargeable lithium-ion batteries to power 500,000 cars by 2018. The Gigafactory will run on 100 percent renewable energy, is earthquake-proof, and workers will go in 24/7 to produce batteries "faster than bullets from a machine gun."

Panasonic is investing heavily in the Gigafactory. Joseph Taylor, chairman and CEO of Panasonic North America, discusses the company's $1.6 billion commitment to produce the lithium-ion batteries necessary for electric cars.