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Tesla moves a step closer to opening first European factory with German property deal


Added 01-19-20 01:03:01pm EST - “U.S. electric car pioneer Tesla has agreed to buy a property on the outskirts of...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Tesla moves a step closer to opening first European factory with German property deal”. Below is an excerpt from the article.

BERLIN (Reuters) - U.S. electric car pioneer Tesla (TSLA.O) has agreed to buy a property on the outskirts of Berlin, bringing it a step closer to opening its first European factory, local authorities said on Sunday.

The U.S. carmaker last November announced plans to build a giant factory in Gruenheide, in the eastern German state of Brandenburg, giving it the coveted “Made in Germany” label just as local rivals prepare to launch competing models.

Tesla’s board of directors approved a purchase agreement with the state of Brandenburg on Saturday to acquire a 300-hectare property, Brandenburg government spokesman Florian Engels said in a statement. The state parliament’s finance committee had already approved the sale on January 9.

The agreement states a preliminary property price of 40.91 million euros ($45.36 million) which can be amended if an external review provides a different value, Engels said.

The property is in a designated industrial area and is being checked for weapons from World War II as there are most likely unexploded U.S. bombs still in the ground, he added.

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