Caixin
Oct 18, 2018 05:25 AM
BUSINESS & TECH

Tesla Makes $140 Million Land Purchase for Factory

Tesla secured land to build its first China plant. Photo: VCG
Tesla secured land to build its first China plant. Photo: VCG

U.S. electric vehicle maker Tesla Inc. bought an 864,885 square meter plot in Shanghai, pushing ahead its plan for the company’s first overseas Gigafactory – Tesla’s name for a large, vertically integrated electric-auto plant.

Tesla signed an agreement with the Shanghai government for the transfer of industrial land in the city’s southeastern Lingang district, the company said Wednesday. The parcel was sold at auction for 973 million yuan ($140 million), according to the Shanghai Bureau of Planning and Land Resources.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.