• News
  • Finance

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.

Leave Your Comment

Leave Your Comment


Latest News

  • Katy Perry stuck in mid-air at concert

    Katy Perry stuck in mid-air at concert

    As for audience members, they cheered wildly for the star during her space snafu - and quickly began sharing videos of it online. At that, Perry leaped into the roaring mosh pit before a minder escorted her safely back to the stage.

    Tesla fires 'hundreds of workers' following performance reviews

    That has Wall Street a bit anxious about the company's Model 3 production ramp, which has already encountered issues. Juan Maldonado, a production worker, told the paper that he was sacked last week after close to four years at Tesla.
    Joe Jonas engaged to Sophie Turner

    Joe Jonas engaged to Sophie Turner

    Joe's famous exes include Gigi Hadid, who split with him to get with Zayn Malik, Taylor Swift, Demi Lovato and Ashley Greene. Jonas, 28, shared a photo of their hands and Turner's large, new engagement ring with the caption, " She said yes ".
  • Two officers who dragged passenger off United flight fired

    Two officers who dragged passenger off United flight fired

    The three officers involved in the incident and an aviation sergeant were placed on administrative leave after the incident. United apologized for the incident and later reached an undisclosed settlement with Dao for his injuries.
    Hillary Clinton says United States  threats of war with North Korea 'dangerous, short-sighted'

    Hillary Clinton says United States threats of war with North Korea 'dangerous, short-sighted'

    The two diplomats will join their South Korean counterpart in Seoul for further talks Wednesday on North Korea . It comes as Kim Jong-un said he would never negotiate with Donald Trump's Government.
    Jammu and Kashmir: Two LeT Terrorists Killed in Pulwama Encounter

    Jammu and Kashmir: Two LeT Terrorists Killed in Pulwama Encounter

    Both the terrorists were first asked to surrender but instead they started firing, compelling the troops to retaliate. When they received intel about presence of terrorists in Litter, RR, CRPF and SOG launched a joint operation.
  • Will the Kings upset the Suns? NBA Predictions 10/23/17

    Will the Kings upset the Suns? NBA Predictions 10/23/17

    The organization, sources said, argues that the team hasn't improved since Bledsoe took over the bulk of the playmaking duties. In the preseason, Bledsoe arranged a meeting with Sarver and McDonough and requested a trade, league sources told ESPN .
    Pollution killed 9 million people in 2015

    Pollution killed 9 million people in 2015

    The report states that the economic cost will rise as the association between pollution and disease becomes clearer and more robust.
    Police officer killed in raid on GJM chief's hideout

    Police officer killed in raid on GJM chief's hideout

    Six AK-47 rifles, a nine-mm pistol, almost 500 rounds of cartridges, explosives and bombs were recovered from the spot later. The people of the hills are peace-loving, they are not with Gurung and his politics of violence and bloodshed.
  • Rainy morning, then scattered showers — Sunday weather

    Rainy morning, then scattered showers — Sunday weather

    A cold front will then move through Monday night into Tuesday with a stronger but dry cold front to move through Tuesday night . Mostly cloudy - low around 63 with south wind around 14 miles per hour , gusting high as 21 miles per hour .
    Dotard kept referring to slain soldier as 'your guy' to pregnant widow

    Dotard kept referring to slain soldier as 'your guy' to pregnant widow

    He said Tuesday: "I think I've called every family of someone who's died " while suggesting past presidents had not. Mr Kelly was the highest-ranking military official to lose a child in the Iraq or Afghanistan wars.

    Garmin Speak is a Mini Alexa-Equipped Car Accessory, Priced at $149

    "So join me while I raise a glass to the Sonos One , the company's first music player with Alexa built natively into the corpus". Sonos engineered the light and the microphone into the same circuit so that it's impossible for one to be on without the other.
  • Microsoft Unveils All New Surface Book 2 Laptop

    Microsoft Unveils All New Surface Book 2 Laptop

    Surface Book 2 models come with Intel's eight-gen Core CPU, up to 16GB of RAM, and up to NVIDIA GeForce 1060 graphics inside. The company claims that the Surface Book 2 offers "five-times" better graphics performance as opposed to its predecessor .

    Pakistan cricketers party ahead of Sri Lankan encounter

    The first two games of the series will be played in the United Arab Emirates which remains the adapted home of Pakistan . That Sri Lanka will tour for the match was confirmed earlier in the day by PCB chief Najam Sethi.

    Senator Susan Collins Announces She Will Not Run for Governor

    Susan Collins explaining her vote against Obamacare repeal bills: It was designed "behind closed doors" and "by 13 men" btw. Had Collins made a decision to run for governor she would have joined a crowded field to replace two-term Republican Gov.
  • Trump And NFL Debate Over National Anthem Kneeling

    Trump And NFL Debate Over National Anthem Kneeling

    For now, that means a continuing dialogue with players about social issues and no requirement that they stand for the anthem. McNally said, "Disrespect for our national anthem is never welcome".
    Trump Repeatedly Mocks Pence, Jokes VP Wants To 'Hang' LGBT People

    Trump Repeatedly Mocks Pence, Jokes VP Wants To 'Hang' LGBT People

    After weeks of protests and business boycotts, Pence eventually revised the law to explicitly prevent discrimination. One study even discovered children of same-sex couples were happier than their straight-family counterparts.
    Arsenal's Arsene Wenger admits Sanchez, Ozil could be sold in January

    Arsenal's Arsene Wenger admits Sanchez, Ozil could be sold in January

    So PSG know they face stiff competition in the battle to land the world class talent on a free transfer. Chile's loss on Wednesday meant they failed to qualify for next year's World Cup.

Breaking News



Recommended

Egypt: 55 policemen killed in gunbattle with militants

The Muslim Brotherhood, once Egypt's largest opposition movement, has long denied involvement in the attacks on the authorities. The interior ministry said a "number" of policemen had been killed as well as some militants, but did not elaborate.

Liam Payne: Cheryl Tweedy is a 'fantastic' mum

And I feel actually better coming back. 'And then when I got pregnant I thought, "Right, I just don't need this stress". "The cab driver kissed me and I think we're now dating", she joked.

Pokemon Go introduces new treats on Halloween

Niantic today announced that Pokemon Go will soon give players a number of new Pokemon as part of a almost two week promotion. Additionally, players can look forward to double candy rewards for hatching, catching, and transferring Pokemon .

The Latest Xbox One Update Fixes The Home Screen, Again

You can also change your console language to select right-to-left languages - Arabic & Hebrew - in the Xbox Settings menu. Microsoft director of product management Albert Penello is also optimistic about the Xbox One's chances this holiday...

10000-15000 Rohingyas flee to Bangladesh in 48 hours

Hundreds of thousands of Rohingya have fled Myanmar since August 25, when the military launched a crackdown decried by the United Nations as "ethnic cleansing".

Why your Wi-Fi network is probably vulnerable to a hacker

Indeed, many companies are now developing security patches, which you should immediately download as soon as they're available. Microsoft says that it released a security fix on October 10, so anyone on the latest version of Windows 10 will be protected.

Cleverley's injury-time goal gives Watford win over Arsenal

Cleverley kept his cool to fire into the roof of the net following a few shots that ricocheted around the box and triggered panic. Watford striker Richarlison faces a ban after his penalty won in victory over Arsenal .

North Korea warns Australia for supporting United States

Trump has said all options-including military-are on the table to stop Kim, and the White House ruled out talks with Pyongyang. There is also the possibility the regime may test a previously unseen missile, as it has done multiple times this year.

Pasquotank prison escape attempt leaves two guards dead

The Pasquotank County Sheriff's Department and the State Bureau of Investigation are investigating the incident. The prison, which had 729 inmates on Thursday, was locked down, as were nearby schools .

Trump brings NBC's 'license' into question after nuclear arsenal report

After the meeting in July, Secretary of State Rex Tillerson referred to Trump as a "moron", according to NBC . It was the second time in a week that NBC had referenced the July meeting. "Bad for country!" he tweeted .