Tesla buys land for its first Chinese factory

Overnight Tesla announced on the QQ social media platform it had bought 860,000 square metres of land from the Shanghai government for a new "Gigafactory". According to land transaction records dug up by the Yuan Talks website, the plot of land cost 973 million yuan ($199 million). From earlier reports, the new factory has an estimated cost of around US$2 billion, which Tesla intends to raise in Asian debt markets.