Tesla plans to produce 250,000 Model 3s and Model Ys annually in its Shanghai Gigafactory in China, according to a notice released on the Shanghai government's website on Wednesday.

China property transaction records show that Tesla paid $140 million for the land. The company is now seeking public opinion and suggestions on the environmental impact of the new factory before it goes into construction.

The goal of making 250,000 cars annually only applies to Phase I of the plant, since the company's ultimate production goal for the plant is 500,000 a year. Tesla said it expects to begin construction as soon as it obtains the necessary approvals and permits.

I will take about two years until Tesla starts producing vehicles and then another two to three years before the factory is fully ramped up, thecompany said in a statement in July.

Tesla's Shanghai factory is a key to the company's attempts to become the world's largest maker of electric vehicles. In July, Tesla raised the price of its Model X and S cars by about 20% in China because of tariffs.