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June 24, 2016 08:29 pm GMT

Tesla signs $9 billion agreement to build factory in China, report says

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Tesla Motors has reportedly signed a non-binding agreement with Chinese government-owned company Jinqiao Group to construct a Tesla production plant in the city of Shanghai.

All told, the investment could cost $9 billion, a person close to the matter told Bloomberg.

This report comes six months after company CEO Elon Musk revealed that Tesla intended to choose a production facility site in China by the middle of 2016.

Both companies would invest $4.5 billion toward the project, according to the reportBloomberg points out, this would be substantially larger than Walt Disney Co.’s Shanghai theme park, which cost $5.5 billion. Read more...

More about Transportation, Tesla, Cars, and Tech

Original Link: http://feeds.mashable.com/~r/mashable/tech/~3/xAwN2WDlyHA/

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