Tesla to go auto in China; expects to produce 500,000 vehicles annually – The Wall Street Journal

Tesla will set up and own a plant in China that is expected to produce 500,000 vehicles a year.
Published on: 

JOHANNESBURG – Tesla may be on of the most shorted stocks on US markets, but the love affair with China looks set to begin. CEO Elon Musk has signed an agreement to build an auto factory in Shanghai, which is expected to produce 500,000 vehicles annually in a few year's time. The electric car maker sold around 17,000 cars in China last year, but demand is expected to sky rocket due to government policy, with market predictors pointing to 3.5 million electric passenger car sales in 2022. Building production facilities in China, and maintaining the current facility in the US, also allows Musk to sidestep the ongoing trade war between the two nations, which has seen import tariffs on products greatly increased. – Stuart Lowman

___STEADY_PAYWALL___

Loading content, please wait...

Related Stories

No stories found.
BizNews
www.biznews.com