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Tesla secures land for European factory

|About: Tesla, Inc. (TSLA)|By: , SA News Editor

Tesla (NASDAQ:TSLA) is moving forward with the acquisition of a 300-hectare property in a designated industrial area just outside of Berlin.

The Brandenburg state has already approved the sale at a preliminary price of $45.4M.

The "Made in Germany" distinction is seen as important for Tesla as it looks to compete with Audi (OTCPK:AUDVF), BMW (OTCPK:BMWYY) and Volkswagen (OTCPK:VWAGY).