Tesla will build a new plant in Shanghai

Tesla will build a new plant in Shanghai

July 11, 2018 0 By autotimesnews

The company Tesla is going to build its new plant in China, reports Autocar. The company will be located near the city of Shanghai. The corresponding agreement has already been signed by the head of Tesla Elon Musk. It is expected that the company will be able to produce up to 500 thousand electric cars a year. The size of the investment in the construction of the plant is not yet known.

The plant will be built in the free economic zone of Shanghai. The first cars will start to descend from the pipeline approximately in two years. Thanks to the new enterprise Tesla hopes to reduce the cost of its products. At the moment, electric cars Model S and Model X in China are more expensive than in the US. The new plant will be the first company to be built not in the US.

In April, shares of American company Tesla collapsed by 5.1% during trading on the New York Stock Exchange. According to analysts, this led to a number of negative events that occurred to the automaker over the recent period.

Tesla, a company focused on the production of electric vehicles, was founded in 2003. Since 2008, he sells the Tesla Roadster. In 2012, the company introduced the Model S sedan. The manufacturer’s headquarters are in Palo Alto, California.

In February of this year, Tesla Motors decided to change its name to Tesla Inc. At this step, the American company went to remind of its plans to go beyond selling only electric cars and create a real “energy empire.”