Tesla reportedly 'in very advanced' negotiations for $4.8 billion Gigafactory in Spain

Electric vehicle maker Tesla is reportedly in the advanced stages of negotiations to build a Gigafactory near the Spanish capital, Madrid. The automaker is said to have secured 250 hectares of land for the facility which would involve an investment of $4.8 billion. The proposed factory, which would be Tesla’s first in Europe, is expected to employ as many as 10,000 people and produce 100 gigawatt-hours of batteries per year. Tesla is also said to be considering Portugal for the factory site. The development comes as part of Elon Musk’s ambitious plans to increase production of the company’s electric vehicles and battery cells worldwide.

The report on Tesla’s potential expansion to Spain is significant not only for the automotive industry but also for the Spanish economy. The creation of thousands of new jobs can have a positive impact on the local economy. Also, having Tesla’s Gigafactory in Spain would increase the country’s prominence in the EV market, as Europe continues to shift towards sustainable transportation. The Gigafactory in Spain could also provide a boost to the renewables sector in the country, encouraging more investment in green energy. Overall, this news represents a huge opportunity for Tesla, Spain, and the EV industry as a whole.