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NewsTesla to Start Production in China Next Year, Shanghai Says

00:40  07 december  2018
00:40  07 december  2018 Source:   msn.com

Tesla's Chinese market sales are down by 70 percent, report says

Tesla's Chinese market sales are down by 70 percent, report says The China Passenger Car Association claims that Tesla only sold 211 cars in China in October.

Tesla Inc. plans to start partial production in China in the second half of next year , the city of Shanghai said . The mayor of the city, Ying Yong, visited The plant, dubbed Gigafactory 3, will be the biggest ever foreign-invested manufacturing project in Shanghai . A Tesla representative didn’t have

SHANGHAI (Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk on Tuesday landed a Musk has said Tesla will be cash-flow positive this year . Analysts have predicted it will raise capital “I am sure that Tesla needs fresh money at the latest next year ,” said Frank Schwope, an analyst with

Tesla to Start Production in China Next Year, Shanghai Says© Bloomberg A Tesla Inc. Model S electric vehicle sits on display at a showroom in Hong Kong, China, on Friday, Nov. 23, 2018. Tesla is beefing up its vehicle charging infrastructure in Hong Kong to help lure back customers after an end to the city's tax breaks caused sales to plunge.

Tesla Inc. plans to start partial production in China in the second half of next year, the city of Shanghai said.

Research the latest from Tesla on MSN Autos

The mayor of the city, Ying Yong, visited the project site in the Lingang area and encouraged Tesla to accelerate construction, according to a statement on Shanghai’s official WeChat account Thursday. The plant, dubbed Gigafactory 3, will be the biggest ever foreign-invested manufacturing project in Shanghai. A Tesla representative didn’t have an immediate comment.

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Daimler will start building electric cars in China next year as a way to meet stringent anti-pollution quotas Read more: Tesla vehicles have racked up one billion miles driven on Autopilot. Tesla has said it will begin parts of production for its Model 3 sedan next year at its upcoming Shanghai factory.

Still scrambling to sort out production problems at its electric car factory in California, Tesla is taking on another big challenge: building a vast new plant and development center in China . The automaker said Tuesday that it had reached an agreement with the Chinese authorities to build a battery and

The Palo Alto, California-based company has secured more than 200 acres of land for the China factory, which is expected to cost several billion dollars to build. Tesla’s first overseas plant will help the electric-car maker avoid some of the risks involved with importing vehicles, such as higher tariffs caused by the trade tensions between China and the U.S.

The tariffs have had an impact on Tesla’s sales in China, the company said when reporting third-quarter earnings in October.

Chief Executive Officer Elon Musk said at the time that Tesla was striving to start production of its Model 3 vehicle in China next year. The company has also started to advertise for employees for the new facility.

--With assistance from Dana Hull.

To contact Bloomberg News staff for this story: Jing Jin in Shanghai at [email protected];Ville Heiskanen in Singapore at [email protected]

To contact the editors responsible for this story: Anand Krishnamoorthy at [email protected], Lena Lee

For more articles like this, please visit us at bloomberg.com

©2018 Bloomberg L.P.

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