Tesla May Build Second Factory in Shanghai

0 27,952

Tesla is likely to build a new factory in Shanghai. Taiwan-based technology daily DigiTimes reported this on Tuesday, citing anonymous sources in the automotive sector.

 

The company of multi-billionaire Elon Musk could also order more of its parts from local companies in China, according to the newspaper.

Tesla already has a ‘Giga factory’ in Shanghai, where, among other things, the Model 3 is made. The factory can produce about 500,000 cars per year. The company has made no secret of its desire to strengthen its position in China, as the country is the largest market for electric cars in the world.

The carmaker is also still waiting for approval of its controversial new ‘Giga factory’ near Berlin. Tesla started construction on this factory in 2019 after the company received preliminary approval for its construction through a special procedure. But local authorities are still evaluating the plant’s environmental impact, despite construction is nearing completion. Tesla also plans to build a new battery factory on the same site.

Tesla stock was still under considerable pressure on Wall Street on Monday after a poll on Twitter by Musk about whether he should sell shares in his company. The billionaire has often caused a stir with his tweets in the past.

After reports of a billion-dollar order from rental company Hertz, the company was worth more than $1 trillion on the stock market at the end of October. However, Musk later announced via Twitter that the deal with Hertz has not yet been signed.

Leave A Reply