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Tesla’s (NASDAQ: TSLA) expansion into Europe has received a big boost this Thursday as their new “Gigafactory” outside Berlin finally received approval from the Brandenburg state environment office, Handelsblatt reports.
Elon Musk, CEO of Tesla Motors, spoke often about his frustrations with German bureaucracy, but now the long-awaited approval will be announced at a news conference in Potsdam on Friday.
"The approval procedure for the e-car and battery factory of the U.S. company Tesla in Gruenheide in Brandenburg is nearing completion. This will be announced tomorrow at a press conference in the State Chancellery in Potsdam," the state government statement read.
The state environment ministry also stressed the decision doesn’t allow Tesla to start its production immediately, as they still face further requirements including a legal challenge over water usage.
The factory will be designed to produce batteries and around 500,000 cars a year, challenging the local and European carmaker giants such as Volkswagen AG, Mercedes-Benz AG, and BMW AG.
By Senad Karaahmetovic | senad@streetinsider.com