U.S. electric car manufacturer Tesla (NASDAQ:TSLA) is in talks with the leaders of the regional government of Valencia in Spain to build a car factory, newspaper Cinco Dias reported on Thursday, citing unidentified sources close to the discussions.

The company’s total investment in the factory could surpass 4.5 billion euros ($4.83 billion), the newspaper said.

Tesla did not immediately respond to a request for comment, while Spain’s central government declined to comment. Reuters could not immediately reach the Valencian regional government. 

German car maker Volkswagen (ETR:VOWG_p) has already said it plans to invest as much as 3 billion euros in a battery factory in the town of Sagunto in the Valencia area.

Spain is Europe’s second-largest car producer, and is using European Union COVID pandemic recovery funds to attract carmakers to invest in the manufacture of both batteries and electric vehicles. The EU plans to phase out thermal cars.

Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.

More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.

An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.

Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.

A spokesperson for Goldman Sachs declined to comment.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.