Tesla advances in China, buying land for a factory
Tesla advances in China, buying land for a factory
It took hold in the largest electric vehicle market in the world, completing the purchase of land for its new Shanghai plant, announced the company.
"Securing this site in Shanghai, the first Tesla Gigafa factory outside of the United States, is an important milestone for what will be our next advanced manufacturing and sustainable development site," said Robin Ren, vice president of worldwide sales for Tesla. , it's a statement. issued after a signing ceremony in Shanghai on Wednesday.
The 210-acre site in the eastern district of Lingang costs $ 140 million, according to a Shanghai government website that records major land purchases in the city. Although he did not mention Tesla by name, his description of a large land sale that concluded Wednesday in Lingang almost certainly refers to the Tesla agreement.
Tesla CEO Elon Musk signed an agreement in July with the local government to build a factory in Shanghai. Telsa will completely from the installation, whose objective is to produce up to 500,000 cars per year at the end of the first decade of the plant.
In a production update for the third quarter of this month, Tesla said it was "accelerating the construction of our Shanghai factory" in response to the trade dispute between the United States and China. Vehicles built in the United States face a 25% tariff introduced by China in July in retaliation for new car rates in the United States. The 25% is above the 15% tariff that China applies to all imported vehicles.
On the other hand, Tesla said that Mr. Musk plans to buy $ 20 million in shares in the electric car manufacturer during the next open window. Mr. Musk will buy the shares at the current market price.
The company announced the purchase of shares planned in a presentation before the Securities and Exchange Commission of the United States, in which Tesla also spoke Judicial approval for settlements. between Mr. Musk, Tesla and securities regulators about the August executive's tweet that says he had secured funds for the automaker to become private.
The settlements require Tesla and Mr. Musk. pay $ 20 million each In fines for statements that regulators said were deceptive.
China is the second Tesla market after the USA. UU; it sold about 17,000 cars last year, compared to about 50,000 in the US UU and 103,000 worldwide.
But the commercial confrontation between the United States and China has raised the cost of imported Tesla vehicles in China. Tesla cars cost between 55% and 60% more in China than comparable EVs built locally, according to the company.
Once the land is secured, Tesla is aiming for "an efficient and rapid deployment of capital, using many lessons learned from the Model 3 ramp in North America," the company said. Car analysts say Tesla will take two or three years to start Chinese production.
- Chunying Zhang and Aisha Al-Muslim contributed to this article.
Corrections and Amplifications
Telsa's new facilities in Shanghai are designed to produce up to 500,000 cars a year by the end of the plant's first decade. An earlier version of this article incorrectly indicated the time period for the production increase.
Write to Trefor Moss in Trefor.Moss@wsj.com
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