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23:12, 10-Jul-2018
Tesla to set up factory in Shanghai with planned annual output of 500,000
Updated
14:19, 14-Jul-2018
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Tesla on Tuesday signed an investment agreement with Shanghai authorities to set up an overseas assembly factory with a planned annual output of 500,000 cars, Knews reported.
The factory named Gigafactory 3 will integrate functions of sales, research and development (R&D) as well as manufacturing to promote the transformation of innovative technological achievements.
Tesla and Shanghai municipal government signed a memorandum of cooperation. Meanwhile, Tesla (Shanghai) Co., Ltd. and Tesla (Shanghai) Electric Vehicle Research and Development Innovation Center were also unveiled. The two facilities are mainly engaged in R&D and innovation of electric vehicles.
In April, the Chinese government decided to remove the 50-percent foreign ownership requirements for new energy vehicles in order to widen access to overseas investors, making way for Tesla (Shanghai) Co., Ltd. to become the first foreign-owned carmaker established in China and benefiting from China’s gradually eased restrictions on the foreign investment shareholdings in the automobile industry.
In addition, Tesla has established a technology innovation center in Beijing.
The Tesla Beijing Technology Innovation Center, which was registered last October in Beijing, is mainly engaged in the research and development of electric vehicles and spare parts, batteries, energy storage equipment and information technology.
"Beijing is an important market in China for Tesla, and is the first stop and headquarters of Tesla’s entry to China," Ren Yuxiang, vice president of Tesla Motor said.