Tesla's Musk says Shanghai factory breaking ground | AP business

07 January, 2019, 10:27 | Author: Eric Barnett
  • Tesla Said to Be Close to Model 3 Approval for Europe Sales

It also comes on the back of Tesla's ability to ramp up production of Model 3 sedans, marking the beginning of a turn in market sentiment.

The $2 billion (R28m) factory - long under discussion - marks a major bet by the U.S. electric vehicle maker as it looks to bolster its presence in the world's biggest auto market, where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on USA imports.

Musk has said previously he would attend the event in Shanghai.

Monday, January 7, officially launched the construction of the first plant for the production of electric vehicles outside the United States. The deadline of reduced tariff would end on March 2nd, and after that, the tariff on United States made autos on China would revert back to 40 percent, instead current 15 percent.

We can't wait to see where this latest round of messy drama ends up.

A local Chinese plant may be crucial for Tesla, which is struggling to stave off a potential dip in demand at home, its biggest market, after reductions in federal tax credits for EVs.


Located in the Lingang area of Shanghai, the Tesla Gigafactory aims to build 500,000 electric vehicles per year. Picture: Yilei Sun / Reuters.

Elon Musk has today announced via Twitter, that Tesla will go ahead with its accelerated plans to set up the China Gigafactory, with the groundbreaking scheduled to happen within the next few hours. Tesla officials in China declined to comment.

On Instagram, Banks posted remarks from Kristy's filing challenging her credibility and said "this is going to get extremely ugly".

Last month, Deputy Secretary of the Municipal Party Committee and Mayor of Shanghai Ying Yong stated that Tesla "basically completed land leveling and is about to start construction" at Gigafactory 3.

Elon Musk's lawyer has a theory for why investors suing the Tesla Inc. chief executive officer are so eager to draw his former girlfriend into a case related to his infamous tweet about taking the electric-car maker private.

Tesla plans to produce its Model 3 and Model Y cars in the initial phase of production at the Shanghai plant, with an annual capacity of 250 000 vehicles.

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