Tesla Plans China Plant With 500,000 Vehicle Capacity

[DonViejo]

Source: Bloomberg News




Bloomberg News

July 10, 2018, 7:16 AM EDT Updated on July 10, 2018, 8:49 AM EDT

* Musk is said to be in Shanghai for a government event Tuesday

* Tesla moves forward in China just days after tariffs kick in

Tesla Inc. has reached a preliminary agreement with the Shanghai government to build a factory that’ll rival production from its lone U.S. assembly plant, as Elon Musk takes his biggest step yet to expand overseas.

The electric-car maker’s planned capacity for the factory is 500,000 vehicles a year, the Shanghai government said in statement. Bloomberg reported earlier that Musk, Tesla’s chief executive officer, would be in the city for an event with the government on Tuesday. A Tesla representative in China didn’t immediately respond to a request for comment.

While Tesla has been working on setting up production in China for more than a year, President Donald Trump has been trying to bolster manufacturing in the U.S. Tesla follows Harley-Davidson Inc. in expanding outside the U.S., underscoring the urgency with which companies are moving to avoid damage from escalating trade disputes.

Tesla shares extended their advance before the start of regular trading to gain as much as 3.4 percent.

Read more: https://www.bloomberg.com/news/articles/2018-07-10/tesla-is-said-to-plan-china-plant-with-500-000-vehicle-capacity

[Crutchez_CuiBono]

1. Elon needs to reward Americans for helping him get his whole shebang into space...

then there's dt and the SC....nah. China is a better choice. Maga....for the chinese.

[RKP5637]

2. Trump and his cohorts don't get it! The US is only about 4% of the worlds' population. There are

many opportunities outside of the US, as Trump works hard to destroy this nation. Trump will want to bring back coal fired steam automobiles from bygone years. MAGA, Make America God Awful.

[Honeycombe8]

3. This is a YUGE deal. China incr auto tariffs by 25% or so.So Tesla will build its new plant in CHINA

China is Tesla's biggest market, I read. So not to have to pay those crippling tariffs, Tesla is opening its new auto factory in CHINA. No tariffs!!!! When most businesses open in China, China insists on owning part of the business. But Musk has worked out a deal where China will NOT own any part of it.

Maybe Musk should write a book called "Art of the Deal"?

Also, Tesla has had to increase the prices of its autos being built in CA by at least $30,000 across the board.

I read that Trump's attacks on Harley have damaged their business, but it's not changing its game plan. But so far Tesla hasn't been damaged by the news of opening its new plant in China.