Its and the rumors that its CEO lost billions might lead you to believe that things are looking rocky for Tesla. But the electric car company is doing fine, and plans to plow some of the sold into a new factory.

Tesla already has two manufacturing sites here in the U.S., as well as another in Germany, one in China, and maybe . Now, the EV maker is reportedly eyeing a second European site with plans in place for a new factory in Spain, , citing local newspaper Cinco Dias.

Reuters says that bosses from the electric car manufacturer are in talks with regional government leaders from Valencia in Spain to build a new factory in the country. According to Reuters:

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

A spokesman for Valencia’s regional government told Reuters it had held meetings and conversations with an unidentified company about a “large automobile investment,” but declined to give more details, citing the confidentiality of the negotiations.

Tesla has also so far not commented on the rumors.

The company’s investment in Spain would mark its second major site in Europe, following the opening of its Berlin factory last year. The electric car company at that site to up to 1 million vehicles per week.

If Tesla’s expansion into Spain did turn out to be true, it would mark the second car company to announce major investment in the country in recent months. In March, said it plans to invest up to $3.2 billion in a new battery facility in Valencia.