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Tesla buys land for Shanghai factory

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Oct 18, 2018 by The Passage Team
Tesla buys land for Shanghai factory

US electric car maker Tesla has signed a contract with the Shanghai government for land use right transfer to build its first overseas Gigafactory, the company said in a Chinese social media post on October 17.

The land agreement with the Shanghai government allows Elon Musk’s to build a factory capable of producing 500,000 vehicles a year on an 860,000 square metre plot. The Shanghai unit would double the size of Tesla's global manufacturing prowess.

The new facility will mark a key step towards the firm making cars locally and lowering its price-tag in China for the fast-growing market, even as tariffs imposed by Beijing on American goods have caused it to increase prices to import models.

Source: Reuters

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