US electric vehicle manufacturer Tesla has bought a plot of industrial - use land in Shanghai for CNY973 m ( $ 140 ) , to be used for a factory . The 864,885 sq m plot will be turned into the company 's first factory outside of the US and , with plans for 1.7 million sq m of floor space , it is expected that its first cars will be produced in three years . Tesla aims to create 250,000 cars and battery packs per year at first , but is looking to double that figure in the future . Baillie Gifford, Tesla's largest outside investor, disclosed earlier this month an 11.4 percent stake in Nio. — China is currently the largest global electric vehicle maker .
US electric vehicle manufacturer Tesla has bought a plot of industrial - use land in Shanghai for CNY973 m ( $ 140 ) , to be used for a factory . The 864,885 sq m plot will be turned into the company 's first factory outside of the US and , with plans for 1.7 million sq m of floor space , it is expected that its first cars will be produced in three years . Tesla aims to create 250,000 cars and battery packs per year at first , but is looking to double that figure in the future . China is currently the largest global electric vehicle maker .