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Tesla Closes In on Deal for Assembly Plant in China
Tesla Inc. confirms it expects to finalize a deal by year-end to open a plant in Shanghai to make electric cars for the Chinese market.
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Tesla Inc. confirms it expects to finalize a deal by year-end to open a plant in Shanghai to make electric cars for the Chinese market.
The California EV maker has been in discussions with the Shanghai municipal government since June. But it declines to comment on a Wall Street Journal report that an agreement already has been completed.
The newspaper says a formal announcement could be timed to coincide with President Donald Trump’s visit to Beijing in November. Trump has been critical of China’s trade policies and its huge trade surplus with the U.S.
Sources tell the Journal that Tesla has been approved to build a wholly owned factory in the city’s free-trade zone. The deal would enable the carmaker to reduce manufacturing costs, but cars made in the zone would still be subject to China’s 25% import tariff.
Last year Tesla sold about 11,000 imported EVs in China, collecting more than $1 billion in revenue.
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