SOURCE / ECONOMY
Tesla reportedly acquires 460,000 square meters of land to expand capacity
Published: Mar 02, 2021 10:23 AM
Charging piles of Tesla Photo: VCG

Charging piles of Tesla Photo: VCG


 
Tesla's Shanghai plant has reportedly acquired 460,000 square meters of land in Lingang New Area to expand its capacity, land regulation information on government website showed.

A plot of 461,142 square meters located within the Lingang heavy equipment industrial zone was transferred for the use of new-energy vehicle manufacturing with the investment intensity of no less than 14,925 yuan per square meter, a land transfer announcement on the official website of Shanghai land market showed on Monday.

The site is adjacent to Tesla's Shanghai Gigafactory and might be used for Tesla factory expansion, according to the announcement information.

Tesla has previously announced its intention to expand its capacity to increase the output to 450,000 vehicles per year from the current 250,000, following the strong market demand for Model 3 and Model Y, according to the Q4 financial results of the company.

According to the Lingang management committee, Tesla Shanghai Gigafactory integrates R&D, manufacturing, sales and other functions with an investment scale of 50 billion yuan ($7.7 billion). The project covers an area of 860,000 square meters, equivalent to 121 standard soccer pitches.

Global Times


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