Tesla is about to build a factory in Shanghai, China, after months of appealing to the government for approval.
This move was reported by the Wall Street Journal, citing people briefed on the company’s plan. The China plant is expected to help the Silicon Valley electric vehicle manufacturer push down costs.
Tesla has been pushing for a China facility for months, noting that it’ll be key in helping it sell more vehicles to the fast-growing appetite for EVs there.
All Tesla cars are still produced in the U.S., but CEO Elon Musk has pointed out that offshore plants are necessary to help it achieve its goal of producing 500,000 cars a year by 2018. Read more…