BERLIN (Reuters) – U.S. electric car pioneer Tesla (TSLA.O) has agreed to buy a property on the outskirts of Berlin, bringing it a step closer to opening its first European factory, local authorities said on Sunday.
The U.S. carmaker last November announced plans to build a giant factory in Gruenheide, in the eastern German state of Brandenburg, giving it the coveted “Made in Germany” label just as local rivals prepare to launch competing models.
Tesla’s board of directors approved a purchase agreement with the state of Brandenburg on Saturday to acquire a 300-hectare property, Brandenburg government spokesman Florian Engels said in a statement. The state parliament’s finance committee had already approved the sale on January 9.
A Tesla spokeswoman confirmed the deal.
The agreement states a preliminary property price of 40.91 million euros ($45.36 million) which can be amended if an external review provides a different value, Engels said.
The property is in a designated…
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