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Tesla Plans To Setup First Plant in Shanghai Outside USA – Techoob

Tesla Plans To Setup First Plant in Shanghai Outside USA

Tesla, the electric car pioneer is planning to produce  500,000 vehicles a year in China. The company based in Palo Alto, California will build its first plant outside America. The Tesla facility, known as the Gigafactory 3, is expected to churn out about 250,000 vehicles and battery packs per year initially. The facility in the Lingang industrial zone would be the biggest foreign investment to date in Shanghai, the city government said and further added that the Shanghai municipal government will fully support the construction of the Tesla factory. Musk said on a conference call Wednesday that the cost would probably be closer to $2 billion.

Tesla, the electric car pioneer is planning to produce  500,000 vehicles a year in China. The company based in Palo Alto
Credit – Zee
The carmaker had just $2.7 billion in cash at the end of the first quarter and has been spending billions of dollars on accelerating production of its Tesla Model 3 sedan. The company would look to China to at least partially fund the $5 billion cost of a plant that would nearly make 500,000 cars a year at full capacity. Securing a factory in China became more pivotal for Tesla after the nation imposed a 25% additional tariff on imports of US-made cars in response to Trump’s levies on $34 billion of Chinese goods.
China is a very important country for electric car companies as the rising population of the country needs an alternate solution for the arising pollution. Backed by investments from local governments, tech entrepreneurs and venture-capital firms, Chinese EV startups are also trying to capture the market before Tesla increases its presence which could be a better option for the china as local people could provide the cars at a reasonable price than Tesla. Tesla is trying to sell its latest model which is model 3 and the company`s Model 3 is very crucial to its plan to attract mass-market buyers of China. Other automakers are also looking to double down in China after the tariff hit, which doesn’t apply to cars made locally by foreign brands so there might be a hefty competition between the companies.

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