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Tesla signs agreement with Shanghai for land to build Gigafactory

On Wednesday, Tesla in a Chinese social post informed that it has signed an agreement with the Shanghai government for an 860,000 square meter land to build its first ever overseas Gigafactory. The electric car maker took this step to make cars locally in China to lower price tag in world’s largest auto market even though Beijing has imposed tariffs on US made goods which led to the hike in prices of its imported models.