Hyperdrive
Tesla Plans to Invest $4.4 Billion in Berlin Factory, Bild Says
- Details of factory emerge days after CEO Musk unveiled plant
- Volkswagen last week announced 60 billion euros of investments
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Tesla Inc. plans to invest 4 billion euros ($4.4 billion) in its newly announced factory in Berlin that will produce up to 150,000 cars annually, Bild reported on Sunday, without saying how it obtained the information.
The first production line at Tesla’s Berlin factory, unveiled by founder and Chief Executive Officer Elon Musk earlier this week, will manufacture the company’s SUV Model Y, which could be produced as early as 2021, according to the newspaper. The electric car maker could receive about 300 million euros in subsidies subject to approval by the European Union, Bild reported.