: 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. SPX

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.