Musk says Terafab factory is expected to produce the best chips

Elon Musk said that, given his companies' expertise in building custom equipment, he believes they will most likely "figure out a better way to make chips than anyone." Speaking at a customer and investor gathering outside Tesla's Gigafactory in Austin, Texas, Musk said that while he currently has "no idea how to make microchips, we'll figure it out." On Saturday, he took part in the "XTakeover" event via livestream. He noted that when touring competitors' factories, he found they rarely used custom equipment, which is an area his companies excel at, allowing them to improve manufacturing processes. "I think it's accurate to say this is one of the hardest things in the world to do," Musk said. "I don't want to be complacent or take it for granted, but I think we will most likely figure out a better way to make chips than anyone. Really. I don't know how long it will take, it could take several years." Musk is preparing to build a Terafab facility in Grimes County, Texas. The project is a joint venture between his Tesla and SpaceX companies and Intel Corporation, with an initial investment of more than $15 billion.