Tesla Sets up Shanghai Division Ahead of Factory Announcement

Tesla Sets up Shanghai Division Ahead of Factory Announcement

Tesla Sets up Shanghai Division Ahead of Factory Announcement

Bloomberg reports that a new business licence has been approved for a company registered by Tesla's set-up in Hong Kong.

The new company was registered in south-east Shanghai within the city's free-trade zone area lists Tesla China head Zhu Xiaotong as its legal representative, and Tesla Motors HK Limited as the sole shareholder in the firm.

United States media reports have speculated the Shanghai registration is a response to China's willingness to ease its foreign ownership restrictions for automotive factories.

As per Electrek, the scope of the new company's business includes the basic wholesale, import-export, and electric vehicle display, but also is registered for technology development and transfer.

Tesla sold 17,000 vehicles on the mainland previous year, up 51.6 per cent from 2016, according to the China Automobile Dealers Association. That is not almost enough to build a factory, but a start nonetheless.

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USA electric auto maker Tesla has registered a new company within Shanghai's Free Trade Zone, as China prepares to scrap its limits on the foreign ownership of new-energy vehicle (NEV) ventures.

Musk has been critical of China's tough rules for foreign businesses, saying they created an uneven playing field. The formation of this company comes shortly after Elon Musk said Tesla was edging closer to an announcement regarding a Chinese factory. Earlier this month, Tesla chief Elon Musk thanked Beijing for scrapping limits on foreign ownership of local electric auto firms.

Beijing has set an ambitious target, whereby new-energy vehicles will account for a fifth of total sales by 2025.

Last year, China rolled out a plan to eliminate internal combustion engines in cars by 2040.

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