Tesla Breaks Ground On Shanghai Factory

Tesla Breaks Ground On Shanghai Factory

Tesla Breaks Ground On Shanghai Factory

The Shanghai plant would supply the "Greater China region" with "affordable versions" of the Tesla Model 3 - the carmaker's first mid-price, mass-market vehicle - and its planned Model Y, Musk tweeted.

While Tesla has been forced to reduce prices in China over the past year because of the US-China trade war, the company still has high hopes for the Middle Kingdom. In this light, Tesla appears set to kick off 2019 on a strong note, starting the first week of the year with more than 14,000 Model 3 VIN registrations - over 9,000 of which are cars for the European market.

Shanghai is a center of China's auto industry and home to state-owned Shanghai Automotive Industries Corp., the main local manufacturer for GM and VW.

"With the resources here, I think we can build the Shanghai Gigafactory in a record time", Musk said.

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.

Sergio Ramos Hits Out At 'Scandalous' Referee & VAR
Ruben Pardo wrapped up a brilliant victory for La Real , who had beaten Madrid only once in their last 22 meetings. Januzaj should have wrapped it up when his shot was saved by the legs of Thibaut Courtois.

The Shanghai factory is being billed as a Gigafactory that "will allow Tesla to localize production of Model 3 and future models sold in China, with plans to eventually produce approximately 3,000 Model 3 vehicles per week in the initial phase and to ramp up to 500,000 vehicles per year when fully operational (subject to local factors including regulatory approval and supply chain constraints)".

Chief Executive Elon Musk was on hand at the 210-acre site to press a button to "switch on" the plant, which at the moment is a field.

Tesla broke ground on Monday for its Shanghai "Gigafactory" where it plans to begin making its Model 3 electric vehicles (EV) by year-end, a first step in localising production in the world's largest auto market.

China and the USA have been in a trade war for much of 2018 that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs. China remains the world's largest market for vehicles, particularly green ones.

"Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year", Musk said in a follow-up tweet.

Another Miami Dolphins head coach candidate out of the running
Left tackle Garett Bolles showed prowess in run blocking, but was penalized 10 times, among them nine holding calls. Kubiak, 57, went 21-11 in two seasons as the Broncos' head coach and guided Denver to a victory in Super Bowl 50.

Producing cars in China should help Tesla fend off competition from domestic electric vehicle brands.

But the pace of growth is expected to slow along with China's economy.

China has raised import duties on US-made cars as part of the broader trade fight with the US.

Tesla purchased the land for the Shanghai factory just outside the city for approximately $140 million in October.

'Captain Marvel' New Trailer Shows Carol Danvers In Training
All eyes are on Brie Larson if she can amp up the already incredibly amped Marvel Cinematic Universe with Captain Marvel . Then they dropped an "exclusive look" in the middle of the College Football National Championship game.

Related news