Tesla clinches deal to build new factory in China

Tesla clinches deal to build new factory in China

The company expects to reach an agreement on a plan by the end of the year, Reuters reports.

China taxes a 25 percent duty on sales of imported vehicles and has not permitted foreign carmakers to build wholly-owned factories in the country, the world's largest auto market. Though the California-based electric auto company has yet to officially announce the grand opening of its "world's largest Supercharger station", Tesla's China-specific Supercharger map already lists the station as online and accessible 24 hours a day. Wholly foreign-owned entities are allowed in Shanghai's free-trade zone, which was established in 2013, although products made there are... Nevertheless, local production will help to slash costs of Tesla models sold throughout China.

According to a new report from The Wall Street Journal, electric vehicle maker Tesla Inc.

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Foreign car-makers traditionally partner with local manufacturers, but that will reportedly not be the case with Tesla.

Since entering the Chinese market in 2014, Tesla has rapidly expanded its local operations, with China revenue in 2016 growing to $1.06 billion, a three-fold increase from the previous year.

Tesla is brawling with production problems at its main factory in Fremont, California.

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Tesla in June confirmed it was working with the Shanghai government to explore local manufacturing in China after Bloomberg News reported that the carmaker was close to a preliminary agreement to produce vehicles there for the first time.

More than half a million "new energy" vehicles were sold in China last year and the government is targeting sales in the millions in the coming years.

However, the Chinese government reportedly has no incentive to offer the Silicon Valley tech firm and will not provide it preferential treatment, likely because this might be seen as a bargaining chip for other vehicle makers. Unless Tesla has its way, the cars manufactured at the plant could be subject to the high tariff rates that are applicable in China. Details of an announcement about the deal were being finalized.

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Buyers from India waiting for the Tesla Model 3 are supposed to get their vehicles sometime in 2019.

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