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Tesla clinches Shanghai land in auction for 1st megafactory outside US

Electric-car maker Tesla Inc. said it signed a land transfer agreement for an 860,000-square-meter site in Shanghai for its first factory outside the U.S., Reuters reported, citing a Chinese social media post by the automaker.

The company did not disclose the purchase price, but the Shanghai Bureau of Planning and Land Resources was cited by the news outlet as saying that a land plot was auctioned for 973 million yuan.

Tesla previously said it would fund the plant, which is expected to cost about $2 billion, through locally sourced debt.

The plant will begin production two to three years after its construction and is projected to have an annual capacity of 500,000 cars, the Oct. 17 report added.

Tesla joins automakers General Motors Co., Volkswagen AG and Nissan Motor Co. Ltd. in tapping the electric-vehicle market in China.

As of Oct. 16, US$1 was equivalent to 6.91 yuan.