Tesla eyeing Spain factory: reports
Tesla Inc. (TSLA) is considering a major investment in Spain, according to a slew of recent reports, including by Reuters and Spanish business publication CincoDias. CincoDias cited sources as saying the investment would be a new "gigafactory" for an estimated 4.5 billion euros ($4.83 billion) investment in the Valencia area. Reuters reported that a Valencia government spokesperson confirmed meetings and conversations with an unnamed company about a large automotive investment, but declined to give more details. Chief Executive Elon Musk has said that Tesla would choose the location of its next production facility by the end of the year. A Spain plant would join Tesla's four major plants in U.S. and factories in Germany and China. Shares of Tesla zoomed to their 11th straight session of gains on Friday, poised to end the week up more than 15%. The stock has doubled this year, compared with an advance of around 12% for the S&P 500 index.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
06-09-23 1430ET
Copyright (c) 2023 Dow Jones & Company, Inc.