Musk-Moron

Elon Musk’s Tesla has purchased a plot of land worth $140 million in Shanghai for the company’s planned Chinese factory.

CNBC reports that Tesla has purchased an 864,885-square meter plot of land in the Lingang area of Shanghai where the company plans to build its first facility outside of the U.S. Musk’s company purchased the land for approximately 973 million yuan, or $140 million, on Wednesday. Tesla’s Chinese facilities floor space will span 1.7 million square meters according to property transaction records from the Shanghai-based financial data company Wind Info.

Chinese government regulations state that purchases of all industrial-use land are essentially leases that last for 50 years and can potentially be renewed. Tesla’s facility in Lingang will join a host of other auto manufacturers in the area, Tesla reportedly expects to produce their first cars in three years of opening the plant and plans to produce 250,000 vehicles and battery packs a year, with plans to double that figure in the future.

Moron-Musk

Elon Musk’s Tesla has purchased a plot of land worth $140 million in Shanghai for the company’s planned Chinese factory.

CNBC reports that Tesla has purchased an 864,885-square meter plot of land in the Lingang area of Shanghai where the company plans to build its first facility outside of the U.S. Musk’s company purchased the land for approximately 973 million yuan, or $140 million, on Wednesday. Tesla’s Chinese facilities floor space will span 1.7 million square meters according to property transaction records from the Shanghai-based financial data company Wind Info.

Chinese government regulations state that purchases of all industrial-use land are essentially leases that last for 50 years and can potentially be renewed. Tesla’s facility in Lingang will join a host of other auto manufacturers in the area, Tesla reportedly expects to produce their first cars in three years of opening the plant and plans to produce 250,000 vehicles and battery packs a year, with plans to double that figure in the future.

Basically Musk is paying 2.8 million dollars a year rent to the Chinese government for just land use for his factory.

Elon Musk’s Tesla has purchased a plot of land worth $140 million in Shanghai for the company’s planned Chinese factory.

CNBC reports that Tesla has purchased an 864,885-square meter plot of land in the Lingang area of Shanghai where the company plans to build its first facility outside of the U.S. Musk’s company purchased the land for approximately 973 million yuan, or $140 million, on Wednesday. Tesla’s Chinese facilities floor space will span 1.7 million square meters according to property transaction records from the Shanghai-based financial data company Wind Info.

Chinese government regulations state that purchases of all industrial-use land are essentially leases that last for 50 years and can potentially be renewed. Tesla’s facility in Lingang will join a host of other auto manufacturers in the area, Tesla reportedly expects to produce their first cars in three years of opening the plant and plans to produce 250,000 vehicles and battery packs a year, with plans to double that figure in the future.