Tesla Inc TSLA.O Chief Executive Officer 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 vehicle maker's global manufacturing. The automaker hopes to eventually build some 500,000 vehicles per year at its Shanghai plant.
Chief Executive Officer Elon Musk sealed a crucial agreement Tuesday to start building its second vehicle assembly plant in the world.
Tesla shares extended their advance before the start of regular trading to gain as much as 3.4 per cent.
Tesla is the first major United States automaker to raise prices in China in response to the higher tariffs.
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When it added a second assembly line to produce more Model 3s, the company constructed a giant tent running out from the Fremont factory to produce more cars.
But it registered a new electric auto firm in Shanghai in May after China announced that it planned to scrap rules on capping foreign ownership of new-energy vehicle (NEV) ventures by 2022. The deal Tesla was trying to strike with local government needed to both allow the factory to be built and operate, but also keep tariffs to a minimum.
Tesla said a year ago it was working with the Shanghai government to explore local manufacturing.
USA carmaker Tesla Inc has hiked prices on its Model X and S cars by about 20 percent in China, the first automaker to do so in the world's top automotive market in response to mounting trade tensions between the countries. The company ships more than 15,000 cars a year to China.
"Tesla is deeply committed to the Chinese market, and we look forward to building even more cars for our customers here", the company said in its emailed statement.
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China is the world's largest auto market overall, with more than 28 million vehicles sold previous year, and annual sales are forecast to top 35 million by 2025. The plant will make a couple hundred thousand vehicles a year for buyers in China and potentially other parts of Asia, he said at the time. Tesla sales in the China market have also slowed considerably.
News of a preliminary agreement in China comes just days after Tesla barely reached a crucial production milestone at its Fremont, California, plant that produces the Model 3, reaching the 5,000-cars-per-week target just hours after the self-imposed deadline.
The quest to construct its third so-called gigafactory gained urgency as Donald Trump has engaged in a trade war that's ensnared imports of Tesla's vehicles into China.
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.
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