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19 10 2018 01

Tesla has found the spot to construct the Gigafactory 3 on Chinese soil. A 860,000 sqm plot of land in Shanghai has been secured according to a post the company made on social media of China and previous rumours had suggested as much. Still, the deal must be considered groundbreaking in every sense.

Tesla had signed the deal to build their first facility outside the States with Shanghai back in July. Not only will this double their production capacity and free the Tesla electric cars from 40 percent import tariffs. The EV maker also became the first foreign carmaker allowed to produce in China without a local joint venture partner. A change in law had made this possibly and a projected investment of 2 or even 5 billion dollars will have added weight to the city’s decision.

No further details on the land deal have been disclosed yet. However, Reuters quotes the Shanghai Bureau of Planning and Land Resources that said a plot of land of 864,885 square meters had been sold at auction at a price of 973 million yuan ($140.51M).

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