Tesla (TSLA) Nearly Triples Nevada Land Holdings

Tesla Motors (Nasdaq: TSLA) is said to have nearly tripled its land holdings in Nevada over the last several months as it continues construction of the gigantic Gigafactory facility.

According to the WSJ, Tesla is said to have purchased nearly 2,000 additional acres near Reno, Nevada, which is up from the 1,000 acres it originally purchased in 2014. Notably, the original agreement had options for Tesla to purchase additional acreage.

Tesla made the purchases last April and May.

One spokesperson for Tesla commented that the extra acreage would be "buffer land," with most of it being used to construct solar arrays which would power the facility. The remaining 110 acres would be used for industrial purposes.

Shares of Tesla are indicated for a higher open Wednesday.

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