According to a number of recent reports including those by Reuters and the Spanish business magazine CincoDias, Tesla Inc. TSLA + 4.06% has been considering a large investment in Spain. CincoDias reported that sources said the investment would be for a new “gigafactory”, with an estimated 4.5 billion euro ($4.83 billion). Reuters reported that a Valencia Government spokesperson confirmed meeting and conversations with a company unnamed about a major automotive investment but refused to provide more details. Elon Musk, Tesla’s Chief Executive Officer, has stated that the company will choose the location for its next production facility before the end of this year. Tesla will add a plant in Spain to its four large plants in the U.S., as well as factories in Germany and China. The shares of Tesla soared on Friday to their 11th consecutive session of gains. is poised to finish the week with more than 15%. The stock is up by more than double this year compared to the S&P 500’s 12% gain. SPX, +0.11%