Tesla Reportedly Close to Opening a $145 Million USD Factory in Shanghai

A solution to China’s current 40 percent import tariff on Tesla cars.

Automotive
4,990 Hypes 4 Comments

According to reports, Tesla is close to securing a $145 million USD plot of land for a factory in Shanghai, China. Despite no official word from Elon Musk‘s electric automobile company, it’s reported that Tesla is the sole bidder on the plot and that the Shanghai government could award the deal as soon as the end of this month.

The potential move is Tesla’s solution to China’s trade war with the United States that has seen a 40 percent tariff rate on its electric vehicle purchases in the nation. Looking to further its reach in the world’s largest car market known to favor local vehicles, Tesla will be raising money for the factory through Chinese Banks as it currently has no joint partnerships with Chinese companies. With the factory, Tesla would be capable of producing 500,000 cars a year which would cut the 55 to 60 percent cost disadvantage in relation to Chinese-made cars it has been operating at.

Stay tuned for more information as the story develops.

In case you missed it, Tesla’s stock rose by 15 percent after Elon Musk reached a settlement with the SEC.

Read Full Article

What to Read Next

Tesla Delivered Close to One Million Electric Vehicles in 2021
Automotive

Tesla Delivered Close to One Million Electric Vehicles in 2021

Doubling the number of Teslas delivered in 2020 to customers.

Tesla to Pay $1.5 Million USD in Model S Battery Throttling Settlement
Automotive

Tesla to Pay $1.5 Million USD in Model S Battery Throttling Settlement

Each owner will be entitled to roughly $625 USD.

Elon Musk Sold $1.1 Billion USD of Tesla Stock To Pay Taxes, Following Twitter Poll
Tech 

Elon Musk Sold $1.1 Billion USD of Tesla Stock To Pay Taxes, Following Twitter Poll

The poll dropped the company’s stock and wiped $50 billion USD from Musk’s net worth.


Elon Musk Has Sold About $5 Billion USD of Tesla Stock So Far
Tech 

Elon Musk Has Sold About $5 Billion USD of Tesla Stock So Far

In response to a Twitter poll asking his followers whether he should sell 10% of his stake to pay taxes.

Band of Outsiders Teamed up With The Woolmark Company for Outerwear-Focused FW18 Capsule
Fashion

Band of Outsiders Teamed up With The Woolmark Company for Outerwear-Focused FW18 Capsule

An expression of the perfect winter-sport holiday.

adidas Unveils Exclusive Membership Program Titled, Creators Club
Footwear

adidas Unveils Exclusive Membership Program Titled, Creators Club

Early access to new products, exclusive offers and special events.

DIY Patchwork Dominates NEIGHBORHOOD “Crust” Punk Denim Pants
Fashion

DIY Patchwork Dominates NEIGHBORHOOD “Crust” Punk Denim Pants

Paying homage to the early ’80s British punk movement.

Apple Signs $600 Million USD Deal With Chipmaker Dialog Semiconductor
Tech

Apple Signs $600 Million USD Deal With Chipmaker Dialog Semiconductor

The company’s biggest acquisition yet in terms of headcount.

Nike Smothers This Air Max 97 With Scores of Branding Accents
Footwear

Nike Smothers This Air Max 97 With Scores of Branding Accents

“Wolf Grey” and “Game Royal.”


Mac Miller's Family Warns Fans About Unsanctioned Memorial Events
Music

Mac Miller's Family Warns Fans About Unsanctioned Memorial Events

After multiple “fraudulent” fundraising events surface.

Nike Gives the Air Force 1 Utility High More Branding Accents
Footwear

Nike Gives the Air Force 1 Utility High More Branding Accents

The logomania continues.

Why Cardi B & Post Malone are Ineligible for Best New Artist at the 2019 Grammy Awards
Music

Why Cardi B & Post Malone are Ineligible for Best New Artist at the 2019 Grammy Awards

Despite major breakthroughs this year.

Images of a Potential Carhartt WIP x Nike Vandal High Supreme Surfaces
Footwear

Images of a Potential Carhartt WIP x Nike Vandal High Supreme Surfaces

To drop alongside collaborative AF1 & AM95 models, respectively.

Thom Yorke Shares “Volk” off 'Suspiria' Soundtrack
Music

Thom Yorke Shares “Volk” off 'Suspiria' Soundtrack

A haunting instrumental from the Radiohead frontman.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.