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Tesla Has Its Eyes on This Chinese City For A New Factory

(Reuters) – Tesla Motors is eyeing Shanghai for its China production base in an investment that could be worth about $9 billion, Bloomberg reported.

Tesla has signed a non-binding agreement with Shanghai government-owned Jinqiao Group for the production base, Bloomberg reported on Monday, citing a person familiar with the matter.

Jinqiao and Tesla may invest about $4.5 billion each in the partnership, with the Chinese group putting up land for most of its share, Bloomberg reported.

Tesla (TSLA) and Jinqiao were not immediately available for comment.

Suzhou and Hefei are among the other Chinese cities vying for the project, according to the report.