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Tesla Announces It Bought Land For Its Planned Shanghai Gigafactory

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Tesla Announces It Bought Land For Its Planned Shanghai Gigafactory
Tesla announced plans to build a new gigafactory in China back in July.
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Tesla took another step toward its first factory outside the U.S. 

The company announced plans to build in Shanghai back in July, and now it's struck a deal to buy the necessary land. 

Tesla's announcement on Chinese social media didn't reveal the land's price tag, but according to Reuters the purchase price was over $140 million. 

Tesla already started hiring for the Shanghai location. The company previously said it will start producing cars there about two years after construction gets underway.