Tesla says that everything is on track with giant Nevada battery factory

Tesla is building an enormous battery manufacturing facility in Nevada.

It could cost $5 billion and provide the electric-car startup with enough lithium-ion battery cells to achieve its ambitious goals of building half a million cars by 2020.

On Friday, reports surfaced that the so-called "Gigafactory" was experiencing construction delays.

But according to Bloomberg's Dana Hull, those reports are bogus. "Tesla Motors Inc. said construction of massive battery factory in Nevada remains on schedule, following a report in a local newspaper that the effort has been delayed."

Hull relayed a statement from Tesla, in which the car maker said that the Gigafactory is on schedule to fire up operations in 2016.

Tesla has been somewhat battered by negative opinion in the past few months, sending the stock down from a peak of $291, reached last September. Analysts have questioned the company's ability to achieve its production and sales goals over the next three years.