Tesla Motors Inc., the world’s biggest maker of electric vehicles, has bought a Chinese electric carmaker for $72.5 billion.
Tesla’s announcement Monday marked the biggest acquisition in Chinese history, according to Bloomberg, and will make it the world-largest electric car company.
The transaction is subject to regulatory approval, Bloomberg said.
Tesla is already the largest maker of EVs, but its biggest selling point is its Tesla Model S and Model X vehicles, which are electric vehicles with no gasoline or diesel engines.
The company has sold 1.8 million Model S vehicles and 9.3 million Model X models in China since 2012.
It’s a huge deal for the world of electric cars, and it’s likely to lead to the mass production of EVs as the world grows more electrified.