October 17, 2018 / 9:12 AM / a month ago

Tesla signs agreement in Shanghai for gigafactory site

BEIJING, Oct 17 (Reuters) - Tesla Inc has signed an agreement with the Shanghai government for an 860,000 square metre plot of land to build its first overseas Gigafactory, the electric carmaker said in a Chinese social media post on Wednesday.

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 metres had been sold at auction at a price of 973 million yuan ($140.51 million). ($1 = 6.9248 Chinese yuan renminbi) (Reporting by Yilei Sun and Adam Jourdan)

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