Money Tesla will build its 1st factory outside US in Shanghai

02:45  12 july  2018
02:45  12 july  2018 Source:   msn.com

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Electric car producer Tesla will build its first factory outside the United States in Shanghai , becoming the first wholly foreign-owned automaker in China. Despite that, China quickly became its No. 2 market after the United States .

Electric car producer Tesla says it will build its first factory outside the United States in Shanghai . Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future. less.

FILE - In this April 15, 2018, file photo, the sun shines off the rear deck of a roadster on a Tesla dealer's lot in the south Denver suburb of Littleton, Colo. Electric car producer Tesla says it will build its first factory outside the United States in Shanghai. Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future. (AP Photo/David Zalubowski, File)© The Associated Press FILE - In this April 15, 2018, file photo, the sun shines off the rear deck of a roadster on a Tesla dealer's lot in the south Denver suburb of Littleton, Colo. Electric car producer Tesla says it will build its first factory outside the United States in Shanghai. Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future. (AP Photo/David Zalubowski, File)

Electric car producer Tesla will build its first factory outside the United States in Shanghai, becoming the first wholly foreign-owned automaker in China.

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Electric car producer Tesla will build its first factory outside the United States in Shanghai , becoming the first wholly foreign-owned automaker in China. Despite that, China quickly became its No. 2 market after the United States .

Electric car producer Tesla says it will build its first factory outside the United States in Shanghai . Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future. less.

Tesla Inc.'s announcement comes amid mounting U.S.-Chinese tension over technology and follows Beijing's April promise to end restrictions that required foreign automakers to work through local partners.

Tesla said construction would begin in the near future, once official permits are obtained. It said production would begin two to three years after that and eventually increase to 500,000 vehicles annually.

No financial details of the agreement signed Tuesday were announced. A city government statement said the factory would be the biggest foreign investment to date in Shanghai, a base for joint ventures between General Motors Co. and Volkswagen AG and a state-owned automaker.

The signing ceremony was attended by Tesla chairman Elon Musk, Mayor Ying Yong and other Chinese officials, according to the city government.

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Electric car producer Tesla says it will build its first factory outside the United States in Shanghai . Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future. less.

BEIJING (AP) — Electric car producer Tesla will build its first factory outside the United States in Shanghai , becoming the first wholly foreign-owned automaker in China. Tesla Inc.'s announcement comes amid mounting U . S

China is the world's biggest electric vehicle market but Tesla and other producers including GM and Nissan Motor Co. had been reluctant to transfer manufacturing to this country due to the requirement to share technology with Chinese partners that might become rivals.

Tesla began selling cars in China in 2014, shipping them from its California factory, which added a 15 percent import duty to the price. Despite that, China quickly became its No. 2 market after the United States.

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Electric car producer Tesla says it will build its first factory outside the United States in Shanghai . Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future.

SHANGHAI — Tesla chief executive Elon Musk on Tuesday landed a deal with Chinese authorities to build a new auto plant in Shanghai , its first factory outside the United States , that would double the size of the electric carmaker’s global manufacturing.

"Tesla is deeply committed to the Chinese market," the company said in a statement.

Tesla is among companies hit by additional 25 percent import duties imposed by Beijing in retaliation for a tariff hike by U.S. President Trump in a dispute over technology policy.

"The tariffs may have accelerated their plans for sure, but longer term they need a presence in the largest auto market globally," said Cowen analyst Jeffrey Osborne.

Tesla has discussed opening a factory in China since at least 2016. "Still need to see how it gets paid for, which has been a concern," Osborne added.

Automakers are pouring billions of dollars into developing electric car models for China.

GM, Ford Motor Co., VW, Nissan and other competitors have announced ventures with local automakers to develop models for China's lower-income market.

Sales of pure-electric passenger vehicles in China rose 82 percent last year to 468,000, according to an industry group, the China Association of Automobile Manufacturers. That was more than double the U.S. level of just under 200,000.

Beijing is using access to its market as leverage to induce global automakers to help Chinese brands develop battery and other technology.

Comment: Just what was the point of Elon Musk's 'non-practical' submarine rescue effort in Thailand?

  Comment: Just what was the point of Elon Musk's 'non-practical' submarine rescue effort in Thailand? For the past two weeks, the world fixated on the rescue mission of 12 boys and their soccer coach trapped in a cave in Thailand. Officials noted that it was a life-or-death situation for the soccer team and the rescue team on the ground. While Thai Navy SEALs and many volunteers worked to retrieve the boys safely, Elon Musk tweeted about his "kid-sized submarine" that the rescuers could use over the past few days.Thai officials said that the submarine was "not practical," and by the time it arrived, most of the boys were out of the cave.Musk has a history of using Twitter as free advertising for SpaceX, Tesla, and the Boring Company.

BEIJING (AP) — Electric car producer Tesla will build its first factory outside the United States in Shanghai , becoming the first wholly foreign-owned automaker in China. Tesla Inc.’s announcement comes amid mounting U . S

Electric car producer Tesla says it will build its first factory outside the United States in Shanghai . Tesla says an agreement signed Tuesday, July 10, with a Shanghai city government agency calls for construction to start in the near future.

Auto brands in China are required to make electric vehicles at least 10 percent of their sales starting next year or buy credits from competitors that exceed their quotas. Later, they face pressure to raise those sales in order to satisfy fuel efficiency requirements that increase annually.

Also Tuesday, Germany's BMW AG announced a partnership with China's biggest SUV maker, Great Wall Motor, to produce electric versions of its MINI cars.

Tesla said it also would set up a research and development facility in Shanghai.

The company said the China factory would not affect production in the United States, which is forecast to increase.

Tesla announced last year it was talking to the Shanghai city government about possibly building a factory.

The plan went ahead after Beijing said in April it would end limits on foreign ownership of electric vehicle producers this year.

Industry analysts said that the ruling Communist Party believes its own producers such as BYD Auto are close to being able to compete with global brands in performance and price.

Ownership restrictions on other parts of the auto industry are to end by 2022, the government said.

The city government statement said local authorities will "strongly support" Tesla as part of efforts to develop Shanghai as a center for electric research and production.

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