BERLIN- On Sunday, U.S. electric carmaker Tesla agreed to purchase a property in Berlin outskirts, inching it closer towards the opening of its first European factory in Germany.
Last November, Tesla announced its intention to build a large factory in Brandenburg, Gruenheide to give it the much-coveted “Made in Germany” label as rivals launch models to compete.
On Saturday, the board of directors approved an agreement to purchase a 300-hectare property in Brandenburg. The sale had already been approved on January 9th by the state parliament’s finance committee.
The agreement states a preliminary price of 40.91 million euros on the property which is subject to amendment if an external review gives a different value.
The property lies in a designated industrial area and is being inspected for World War II weapons as there are believed to be unexploded U.S. bombs to this day in the ground.
Tesla’s move has been welcomed by politicians, unions and industry groups as this move will most likely create jobs for 7,000 people in Brandenburg.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.