Tesla Gets Approval For German Gigafactory

(RTTNews) - Luxury electric car manufacturer Tesla Inc. (TSLA) has received the final approval for its new gigafactory in Brandenburg, Germany.

Tesla had begin the construction of the $7 billion plant two years ago without receiving approval from the German regulators, which was a risky move considering it would have had to tear down the plant had the approval not secured.

The project, which was approved with a 536-page decision, includes the plant for the production of up to 500,000 vehicles per year.

After months of delays and disputes, Tesla can now start production of electric vehicles and battery cells at its first major assembly plant in Europe.

Meanwhile, the license is subject to a public objection period as well as other final inspection conditions that include air pollution control and water usage, according to the release.

"The approval procedure was a mammoth task for us," Dietmar Woidke, Brandenburg State Premier, said during a press conference.