United States electric vehicle firm Tesla will build its European base of operations in Germany, near Berlin, according to company founder Elon Musk who made the long-awaited announcement on Tuesday (12 November).
"Will build batteries, powertrains & vehicles, starting with Model Y", Musk also tweeted, a few seconds after the initial, multi-coloured fanfare.
It already has an engineering firm in Pruem that specializes in automated manufacturing systems for battery factories and has tested its cars on the Nordschleife, the notorious northern loop of the Nuerburgring racing track.
Mr Musk also cited risks surrounding the UK's exit from the European Union for his decision, according to AutoExpress.
But Schmidt warned the Californian risks running into "bureaucratic hell" in Germany, with Musk's new site just a few kilometres (miles) from the Berlin-Brandenburg airport. I'd say Model S is more European than American in design and handling.
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Some of the global brands included Adidas, Apple, Estée Lauder, Gap, H&M, Lancôme, L'Oréal, Nike, Olay, Uniqlo and Zara. Figures released earlier Monday showed that sales hit 10 billion yuan after just one minute and 36 seconds into Monday.
After the Brexit referendum in 2016, the company's CEO didn't backtrack.
Tesla did not respond to requests to elaborate on how Brexit helped swing it for Berlin, but German government spokesman Steffen Seibert told reporters that "we see in it proof of trust in Germany as a location for innovation".
He added that he was still considering building a Tesla engineering group in Britain at some point, and praised British automotive engineering talent, and especially Formula 1.
"Such hopes have been dashed with the decision by Tesla to invest big time in Germany", he said. The site could become one of the global industry's more profitable auto plants, and a locally built Model 3 could drive earnings and cash flow enough to bring Tesla close to Morgan Stanley's US$440-a-share bull-case valuation. "The UK is lagging behind other European countries in EV take up", he said.
Media captionAre electric cars as "green" as you think? Conservative Prime Minister Boris Johnson has said high levels of inward investment would return once terms of the withdrawal agreement have been settled.