Elon Musk may not be Tesla's frontman anymore, but the company hasn't stopped any of their previously stated plans. Tesla has secured land in China in order to establish another gigafactory.

The electric car company recently signed an agreement with the Shanghai government for an 860,000-square meter plot of land. This will be the location of a new, massive factory for Tesla vehicles. While Tesla didn't disclose the final price of the land, the Shanghai Bureau of Planning and Land Resources cited the location as from an auction, valued at $140.5 million.

Import tariffs have been growing worse and worse as of late. The escalating trade war between the United States and China has caused the price of foreign goods to rise dramatically, with automobiles having it the worst. With China being the largest auto market in the world, Tesla manufacturing and selling their electric vehicles locally with save them (and their customers) a small fortune in fees.

Currently, a number of regulations in China require a system of shared ownership over businesses like this with a local organization. Tesla, however, has entered into a special agreement with the county to wholly own their own operations. This is largely due to China's pre-existing plans to eliminate these regulations over time. By 2022, they'll be gone entirely.

The supposed future factory has a projected capability of 500,000 cars a year. Tesla has been clear to state that this new plant will not affect production at their California plant, or their battery plant in Nevada.