Tesla announced today that it secured a 210 acres (~860K m2) piece of land in Lingang, Shanghai for Gigafactory 3 in China.
The company says that it is ‘on track’ with its accelerated construction plan to establish manufacturing capacity in the country.
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Tesla is finalizing the details of its plan to build a much-needed Gigafactory in China.
The company is now reportedly closing in on a bid for a $145 million piece of land in Shanghai.
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When Tesla announced its Gigafactory 3 in China earlier this summer, there was a big question mark around the financing for the massive new factory.
CEO Elon Musk has since confirmed that they plan to borrow money from local lenders and it looks like they already raised their registered capital to around $680 million according to local media reports, but there’s still a lot more to go.
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Only a few weeks after announcing a deal with the Shanghai government to build a local factory, Tesla has now started hiring personnel to build what is now known as Gigafactory 3.
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Tesla confirmed plans to build a Gigafactory in China last month after reaching a preliminary deal with the local Shanghai government, but it didn’t disclose how much it is expected to cost or how they will pay for it.
A new report now claims that Tesla expects Gigafactory 3 in China to cost $5 billion.
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Tesla has now confirmed the reports that came out of China this morning about a deal to allow the start of Gigafactory 3 construction in Shanghai.
The automaker confirmed the deal and said that it plans to start construction “in the near future” for the first cars to roll off the line in “2 years.”
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Tesla CEO Elon Musk is reportedly in China right now to close the long-anticipated deal to build a wholly-owned local factory without a joint-venture with a Chinese company.
Reports coming out of the country claim that the automaker is now finally closing in on the deal for what will likely be called ‘Gigafactory 3’.
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