Tesla About to Set First Production Plant in China - Report
Tesla Inc is close to an agreement to produce its electric cars in China for the first time and gain better access to the world's largest auto market.
Elon Musk, Tesla CEO. (Photo: AFP Relaxnews)
Tesla Inc is close to an agreement to produce its electric cars in China for the first time and gain better access to the world's largest auto market, Bloomberg reported, citing people familiar with the matter.
An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said. The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported.
Tesla was not immediately available for comment. In March, Tencent Holdings Ltd, China's biggest internet company, bought a 5 percent stake in Tesla for $1.8 billion.
On the other hand, the rumors of Tesla entering India are getting stronger by the day. Elon Musk is continuously taking on Twitter to reveal the status of Tesla plans in India. He recently passed on the word that he is in touch with the Indian Government to give some tax relief to Tesla cars.
Previously, Musk showed his dissatisfaction over the delayed process by the Government, to which Make-In-India Twitter handle clarified its stand.
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