Tesla Ups Investment Big Time For Gigafactory 3 In China

Tesla invests in Chinese subsidiary to build Gigafactory 3The Chinese Tesla factory in Shanghai announced this summer soon should move to the execution phase, as on September 7 Tesla increased the registered capital of Tesla (Shanghai) Co., Ltd. from 100 million yuan ($16.6 million) to 4.67 billion yuan ($680 million).That’s enough to start the work at the Tesla Gigafactory 3, which in total is expected to cost at least $2 billion. The facility will produce up to 500,000 cars (and battery packs) annually.See Also Tesla Opens World’s Largest Supercharger Station In Shanghai Source: finance.sina.com.cn Source: Electric Vehicle News Tesla didn’t pick up a joint venture partner, so the hope is that China will not change its mind and let Tesla (and other foreign manufacturers) to produce and sell cars on its own. Thanks to this, Tesla will be able to completely control the entire production process without being subject to others, according to James Chao, IHS Asia Pacific Managing Director and Automotive Industry Analyst.It’s anticipated that the Chinese Gigafactory will produce Tesla Model Y (an affordable electric SUV).BREAKING $TSLA NEWS FROM CHINA.Things move fast when it comes to business in China.Tesla has changed registered capital of Chinese factory, from 100M Yuan to 4.67B Yuan(about 680M USD).— Richard Yi (@XZsSx1TE7oar9IF) September 9, 2018 Tesla Now Hiring For Factory In Shanghai UPDATE 2 – Tesla Announces New 500,000 Vehicle Factory Planned For China Author Liberty Access TechnologiesPosted on September 10, 2018Categories Electric Vehicle News

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