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Tesla reportedly reaches agreement to build vehicle factory in Shanghai

Tesla reportedly reaches agreement to build vehicle factory in Shanghai

Later, the electric vehicle manufacturer confirmed the development to build a factory in Shanghai to manufacture its cars locally for the very first time. The WSJ's article cites reports from people who have been briefed on the company's plans to build the plant.

China is poised to become the world's largest electric vehicle market and the government has a positive attitude for the same. Tesla would have to pay the 25% duty on cars and could drastically reduce its production costs.

Tesla on Sunday pointed to a statement it made in June that the company 'is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market.

Tesla's cars reportedly cost 25% more in China than it does in the US.

In a bid to gain traction in China's growing electric vehicle market, Tesla is setting up a manufacturing facility in Shanghai, according to the Wall Street Journal.

Tesla could avoid paying the import tax if it partners with a Chinese company.




"We continue to evaluate potential manufacturing sites around the globe to serve the local markets".

Crucially, Tesla would operate the factory itself, according to the report, rather than partnering with a local automaker. The factory is to be set up in Shanghai's free-trade zone.

The Model 3 is the luxury electric vehicle maker's newest auto, and Consumer Reports said it had no data on the vehicle.

Tesla is hoping to complete this deal before the end of 2017.

Shanghai-based Tesla Model S owner Jason Man verified with Teslarati that he was able to charge at the underground Supercharger station on Monday afternoon local time. Tesla Plans to build its electric cars in China. Elon Musk, CEO of Tesla has set progressive goals of delivering 500,000 Model 3 every year.

Tesla has seen a boom in China sales over the past year, seeing revenue triple to $1 billion in the country. In 2016, 507,000 electric vehicles and plug-in hybrid electric vehicles were sold in China, a 53 percent increase on the previous year.

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