January 19, 2019

Elon Musk to break ground on Chines Gigafactory

07 January 2019, 09:42 | Austin Hogan

Tesla begins the construction of a plant in Shanghai

Tesla будет выпускать электромобили в Шанхае

Tesla faces rising competition from a swathe of domestic rivals in China and its sales have been hit by increased tariffs on U.S. imports.

Earlier this summer, Tesla announced a deal with the Shanghai government to build a wholly owned local factory.

Elon Musk's lawyer is hoping to prevent Tesla shareholders from bringing the company CEO's former romantic partner into a lawsuit related to his disastrous tweet about taking Tesla private.

The carmaker, which now imports US-made vehicles to sell in China, is building the plant in an auto market that is set to contract this year for the first time in decades, though so-called new-energy vehicle (NEV) sales have been strong.

We can't wait to see where this latest round of messy drama ends up.

Tesla's billionaire boss is scrambling to keep a pair of pop singers - his ex-girlfriend Grimes, as well as the rapper Azealia Banks - out of the legal mess created by his August 7 tweet that claimed he had secured funding to take the electric-car maker private for $420 a share. The deadline of reduced tariff would end on March 2nd, and after that, the tariff on United States made autos on China would revert back to 40 percent, instead current 15 percent.

A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio, Byton and XPeng Motors.

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"Affordable cars must be made on same continent as customers", Musk said in another tweet.

Apple sparked global alarm over the prospects for the world's second-largest economy last week when it cut its revenue forecast citing slowing demand in China and the trade war.

"With the construction of the Shanghai factory, the faster the better (for Tesla)", Kang said.

Tesla has been pushing forward its plans for the plant after it secured the site in October, hiring staff, starting procurement for building materials and setting up a financial leasing company in the city.

The billionaire-entrepreneur is facing a auto market that probably shrank past year for the first time since at least the 1990s as uncertainties surrounding the trade war between the world's two biggest economies, signs of weakening domestic demand in China and a stock slump take a toll on consumers.

Electric auto maker Tesla CEO Elon Musk on Monday said he was set to lay the foundation of a Tesla Gigafactory in China that is expected to produce 500,000 electric vehicles per year - doubling the production capacity of Tesla.

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