Tesla Makes $140 Million Land Purchase for Factory
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.
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