Tesla secures land for the Shanghai factory, first outside the US UU
Tesla secures land for the Shanghai factory, first outside the US UU
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Electric car brand Tesla Inc. said it signed an agreement on Wednesday to secure land in Shanghai for its first factory outside the United States, boosting development despite rising trade tensions between the United States and China.
Tesla, based in Palo Alto, Calif., Announced plans for the Shanghai factory in July after the Chinese government said it would terminate restrictions on the total foreign ownership of electric vehicle manufacturers to accelerate the development of the industry.
Those plans have continued despite increases in Washington and Beijing tariffs on billions of dollars of mutual goods in a dispute over Chinese technology policy. US imports UU Those who point to Beijing's sanctions include electric cars.
China is the world's largest electric vehicle market and Tesla is the second largest after the United States.
Tesla joins global automakers, including General engines Co., Volkswagen AG and Nissan Motor Corp. that are investing billions of dollars in the manufacture of electric vehicles in China.
Local production would eliminate the risks of tariffs and other import controls. It would help Tesla develop parts suppliers to provide after-service support and make their vehicles more attractive to Chinese buyers.
Tesla said it signed a "land transfer agreement" on a 210-acre site in the Lingang district in southeast Shanghai.
That is "an important milestone for what will be our next advanced manufacturing and sustainable development site," Robin Ren, vice president of worldwide sales at Tesla, said in a statement.
Shanghai is a hub for the Chinese auto industry and home to state-owned Shanghai Automotive Industries Corp., the main local manufacturer of GM and VW.
Tesla said earlier that production in Shanghai would begin two to three years after the construction of the factory begins and eventually increase to 500,000 vehicles annually.
Tesla has yet to say how he will pay for the Shanghai factory. The company has yet to give a price, but the Shanghai government said it would be the largest foreign investment there to date.
Tesla's battery factory in Nevada for $ 5 billion was financed with the help of a $ 1.6 billion investment from battery manufacturer Panasonic Corp.
Analysts expect Tesla to report a loss of approximately $ 200 million for the three months that ended September 30 after the loss of $ 742.7 million from the previous quarter. Your CEO Elon Musk He said in a September 30 letter to US securities regulators that the company is "very close to achieving profitability."
Tesla's estimated sales in China of less than 15,000 vehicles in 2017 gave it a market share of less than 3 percent.
The company faces competition from Chinese brands, such as BYD Auto and BAIC Group, which already sell tens of thousands of hybrid and fully electric sedans and SUVs every year.
Until now, the foreign car manufacturers that wanted to manufacture in China had to work through state partners. Foreign brands resisted bringing electric vehicle technology to China to avoid having to share it with potential future competitors.
The first of the new electric models being developed by global automakers to get to the market, Nissan's Sylphy Zero Emission, started coming out of a production line in southern China in August.
The most economical electric models of GM, Volkswagen and other global brands will come on the market starting this year, long before Tesla is operating in Shanghai.
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