Tesla reportedly headed to China to build new factory
Oct 24, 2017, 00:41
This latest 50-stall Supercharger station and Tesla's pledge to install 1,000 Superchargers in China by the end of this year is a testament to the company's support of the world's largest auto market.
China is one of the biggest and fastest moving auto market in the world, and a factory in the region could assist the electric vehicle maker in gaining some traction in the country's EV market.
Elon Musk'sTesla electric vehicle company is reported to have struck a deal with Chinese authorities to build a factory in Shanghai, opening up the world's largest automotive market to the fast-growing business.
Tesla reiterated a statement from June that it is working with the Shanghai government to explore local manufacturing. The company is said to be in talks with the Shanghai government over the matter, with a deal expected to be reached by year's end.
If the deal is in place, it could be the ticket to igniting Tesla's Chinese sales - and the company as a whole.
Chinese internet company Tencent Holdings Ltd has a five percent stake in Tesla and is seen as a potential ally for Tesla's efforts to enter the Chinese market. What was not known until now is that Tesla will be the sole owner of the factory.
The new report comes after Consumer Reports said Tesla Inc's new Model 3 sedan is likely to have "average" reliability despite production snags because it uses older technology rather than newer innovations that are causing problems for automakers. For electric cars, that import tariff is set at 25 percent.
Persuading Tesla to manufacture cars within Shanghai, while at the same time pay tariffs on the same, would be a big coup for the government. It indicates that Tesla would be able to chop down some costs of production. TSLA reached a deal to begin building a factory in Shanghai's free trade zone, which is the first Hong Kong-like free trade area in mainland China. Then there are companies like Volkswagen that sell 11 million cars this year, and produce a profit of 13 or 14 billion euro.
China's home-grown manufactures now produce 43% of total vehicle sales in China but 96% of all-electric vehicles.
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