Tesla Ignores India; Signs Agreement with China for Production of Electric Cars

Tesla signed an agreement on Tuesday in Shanghai to build a plant for the production of electric vehicles, which will be located in the urban area of Linggan near the port of Yangshan in China. This was reported by the newspaper YICAI.

According to the document signed with the Lingang District Administration and the Lingang Corporation, Tesla will fully invest in the construction of the electric cars with an annual output of up to five hundred thousand cars.

The Telsa investment includes investment in the manufacturing, as well as the future promotion of the cars in the local market. About what amount of investments is a not clearly known, however, local media estimates that the Telsa investment will become one of the largest in the history of Shanghai from the point of view FDI.

In May this year, Tesla’s boss Elon Musk announced that the Beijing had granted permission to Tesla to build a plant in China. Earlier it was reported that Tesla signed a memorandum of cooperation with the Shanghai government, which expressed its willingness to support the company in creating production and research facilities, which should play a positive role to make Shanghai a global innovation center.

It was not by chance that Shanghai was chosen as the site for the construction of the Tesla plant, it is this metropolis that occupies the first place in China in the introduction of electric vehicles. At the end of 2017, 165,000 cars were registered in the city on clean energy sources.

More News at EurAsian Times

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