Tesla to open plant in Shanghai with annual capacity of 500,000…

SHANGHAI (Reuters) – Tesla Inc on Tuesday signed agreements with Shanghai authorities that will allow it to open a plant in the Chinese city with an annual capacity of 500,000 cars, local media reported.

  • FILE PHOTO: A woman sits in a Tesla Model 3 car during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee/File Photo
  • The U.S. carmaker signed agreements with the Shanghai municipal government, Shanghai Lingang Area Development Administration and Lingang Group, according to news website Knews, which is affiliated with state-owned Shanghai Media Group.

    Tesla has been in protracted negotiations to open its own factory in China to help bolster its position in the country’s fast-growing market for electric cars and to avoid high import tariffs.

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