Tesla will invest $ 7 billion in building a plant in China

Tesla will invest $ 7 billion in building a plant in China

March 15, 2019 0 By autotimesnews

The investments of the American manufacturer Tesla electric vehicles in the creation of a plant in Shanghai are estimated at $ 7 billion.

This was reported by officials of the Chinese metropolis, directly familiar with the project.

According to them, the construction of the assembly shop should be completed in May of this year.

The Tesla team in Shanghai also confirmed the successful implementation of the project, which is the largest manufacturing project in the history of Shanghai with foreign capital and the first Tesla plant outside the United States.

Wu Xiaohua, a responsible officer in the Development Department of the Shanghai Lingang District, in whose territory Tesla is located, noted that the progress achieved in the implementation of this project “exceeds expectations”.

At the ceremony of laying the first stone in the foundation of the plant in January of this year, Tesla’s chief executive officer Elon Musk expressed the hope that the production of Model 3 electric vehicles at the Shanghai plant will start at the end of 2019, and mass production will be launched in 2020.

As reported, Tesla signed an agreement with the Shanghai government on the construction of the plant in July 2018. In October, the company was transferred land in the area of ​​Lingang for the construction of a Shanghai plant, the production capacity of which, according to the plan, will be 500 thousand electric vehicles per year.