US electric vehicle manufacturer Tesla has bought a plot of industrial-use land in Shanghai for CNY973m ($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 vehicles and battery packs per year at first, but is looking to double that figure in the future. China is already home to many car companies, including China's largest automaker, BYD, which produces more than 100,000 cars annually.
US electric vehicle manufacturer Tesla has bought a plot of industrial-use land in Shanghai for CNY973m ($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 vehicles 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.