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Tesla acquires land in Shanghai for EV plant
Automotive News China | 2018/10/19

Tesla Inc. is spending 973 million yuan ($141 million) for rights to land in suburban Shanghai where it plans to build a plant to produce vehicles for sale in China. 

The Shanghai municipal government¡¯s bureau for urban planning and land resources administration said it signed an agreement with Tesla Wednesday granting land-use rights to the U.S. electric-vehicle maker. 

Tesla was the sole bidder for the 864,885 square meters (9.3 million square feet) in Lingang, an industrial park in Shanghai¡¯s Pudong New District, according to the bureau. 

Tesla¡¯s need for local production gained urgency after Beijing raised tariffs on vehicle imports from the U.S. to 40 percent on July 6 in retaliation for the Trump administration¡¯s tariffs on a range of Chinese goods.

On July 10, the Shanghai municipal government said it signed an agreement with Tesla to allow the company to build a Gigafactory in Lingang that can produce up to 500,000 EVs annually.

Unlike Tesla¡¯s Gigafactory in Nevada, which only produces batteries, the Shanghai factory will integrate EV-related r&d, manufacturing and sales, according to the Shanghai government. 

When releasing his company¡¯s mid-2018 financial results in August, Tesla CEO Elon Musk estimated it would cost $2 billion to build the Shanghai plant.

The Shanghai factory will be Tesla¡¯s first production site outside the U.S.

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