Tesla's Gigafactory plans in China just moved forward in a big way

Back in July, Tesla announced it had signed a deal in China allowing it to build up to 500,000 vehicles a year there. Now Elon Musk's company has acquired the land to build its manufacturing facility in Shanghai.

The location of the Chinese Gigafactory was set as Shanghai because it has a free-trade zone, which means there's no need to partner with a local Chinese company before manufacturing can begin. As Reuters reports, the Shanghai government sold Tesla a plot of land that's roughly 860,000 square meters (213 acres) in size.

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The cost of the land hasn't been confirmed by Tesla, but the Shanghai Bureau of Planning and Land Resources lists a recent auction for a 864,885 square meter plot of land as costing just over $140.5 million. It seems unlikely two pieces of land of roughly the same size would be sold so close together, so this is probably what Tesla paid. Read more...

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