Saturday, 25 May, 2019

Tesla secures Shanghai site for China Gigafactory

Land transfer agreement signed construction to follow Tesla buys 210-acre site for factory in Shanghai
Russell Knight | 19 October, 2018, 13:34

With this, Tesla not only hopes to bring down manufacturing costs, but also gain other material advantages when it comes to selling its electric vehicles in the country.

Washington imposed penalty tariffs on Chinese goods and Beijing retaliated by raising duties on imports of American products including electric cars.

At present, it appears that the vehicle made in this facility will be sold within the Chinese market, however, cheaper manufacturing costs in China would make sense for Tesla to further expand capacity and start exporting cars as well.

Tesla successfully acquired an 864,885-square meter plot in Shanghai's Lingang area for the electric vehicle maker's new factory, according to an announcement from Lingang Wednesday afternoon.

That is "an important milestone for what will be our next advanced, sustainably developed manufacturing site,"Vice President of Worldwide Sales Robin Ren said in a statement".

A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018.

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As Tesla moves forward with plans to build electric cars in China, the automaker has secured land in the country for one of its so-called Gigafactories.

Tesla Inc (NASDAQ:TSLA) previously announced plans for a factory in China have taken a major leap forward. Beijing responded by slapping an additional 25 percent tariff on cars imported from the US, raising the total tariff to 40 percent.

Tesla's foray into China is becoming a reality.

The factory will reportedly have annual production capacity of around 500,000 cars. For the first nine months of this year, new-energy vehicle sales across mainland China jumped by 81.1 per cent from a year ago to 721,000 units.

In July, the auto maker signed a deal with Shanghai authorities to open a plant in the Chinese city with an annual capacity of 500,000 cars, and said it would raise $2 billion to fund the construction, Reuters reported.

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