Tesla signs agreement in Shanghai for gigafactory site

Business

BEIJING (Reuters) – Tesla Inc has signed an agreement with the Shanghai government for an 860,000 square meter plot of land to build its first overseas Gigafactory, the electric carmaker said in a Chinese social media post on Wednesday.

FILE PHOTO: A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson

Tesla signed a deal with Shanghai authorities in July to build its first factory outside the United States, which would double the size of its global manufacturing.

Tesla did not give the price tag for the plot, but the Shanghai Bureau of Planning and Land Resources said on Wednesday that a plot of land of 864,885 square meters had been sold at auction at a price of 973 million yuan ($140.51 million).

Reporting by Yilei Sun and Adam Jourdan

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