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Elon Musk Lays Foundation of First Ever Tesla Plant in China

Tesla has also cut its US prices by $2,000 as the federal tax credit granted to its buyers gradually gets reduced and phased out

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Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

As the US-China trade talks began, electric car maker Tesla CEO Elon Musk on Monday laid the foundation of a Tesla Gigafactory in Shanghai — the first-ever outside the US — that is expected to produce 500,000 electric vehicles per year and double the production capacity of Tesla.

Musk attended the ground-breaking ceremony of Tesla Gigafactory with Shanghai Mayor Ying Yong.

“Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year,” Musk tweeted earlier in the day, adding that “Shanghai Giga production of Model 3/Y will serve greater China region”.

“Shanghai Giga will produce affordable versions of 3/Y for greater China. All Model S/X & higher cost versions of Model 3/Y will still be built in US for WW market, incl China,” he further tweeted.

According to reports, the Tesla Gigafactory is the biggest foreign investment in Shanghai.

Tesla’s first Gigafactory in Nevada produces Model 3’s drive units and battery packs. The Shanghai Gigafactory is set to be equipped with production lines for both batteries and electric cars.

According to a report in teslarati.com, by producing its lower-end Model 3 and Model Y in Shanghai, Tesla would be able to price the vehicles very competitively in the country — regardless of the presence of a trade war between the US and China.

Elon Musk, spacex
Elon Musk. IANS

Bullish on his Chinese dream, Musk last July said he aims to invest long-term in the country and signed a preliminary agreement with the Shanghai government to build a Tesla Gigafactory.

Musk had earlier said that China’s progress in advanced infrastructure is “more than 100 times faster than the US”.

According to a CNN report on Monday, Tesla is forging ahead in China “at a tricky time for both the company and the country”.

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“China’s slowing economy and its trade war with the United States have hit the auto industry hard, with companies including General Motors (GM), Ford, Jaguar Land Rover and Volkswagen all reporting a slide in sales recently”.

“Tesla’s own prices in China have fluctuated wildly, with the company slashing prices several times last year even after China increased tariffs on imported US vehicles,” the report added.

Tesla has also cut its US prices by $2,000 as the federal tax credit granted to its buyers gradually gets reduced and phased out. (IANS)

Next Story

OPPO to Launch ‘Oppo Reno Ace’ in China on October 10

Chinese smartphone manufacturer Oppo on Monday confirmed that its next flagship product, 'OPPO Reno Ace', would be launched in China on October 10

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Oppo, smartphones, china, launch
Oppo launched its Oppo Reno2 series of smartphones in August. Wikimedia Commons

Chinese smartphone manufacturer Oppo on Monday confirmed that its next flagship product, ‘OPPO Reno Ace’, would be launched in China on October 10.

According to a recent Weibo post by the manufacturer, the device will have 65W fast-charging capabilities and it would be first smartphone to feature the world’s fastest fast charging technology, news portal GSMArena reported.

The device is also rumored to sports a 6.6inch FHD+ curved edge display with thin bezels with 90 Hz refresh rate, up to 100 per cent screen space and one can expect a pop-up or an under-screen camera selfie shooter.

Oppo, smartphones, china, launch
The handset, OPPO RENO 10X features a 6.6-inch notchless AMOLED display with rounded edges. IANS

The device will be powered by Snapdragon 855+ chipset, 12GB RAM, 256GB onboard storage, a 4,000mAh battery and it supports 5G connectivity.

ALSO READ: LG Looking to Revive its Tablet Business with ‘G Pad 5’

Other details about the smartphone’s specifications are currently under the wraps.

Meanwhile, Oppo launched its Oppo Reno2 series of smartphones in August which consists of Oppo Reno2, the Reno2 F and the Reno2 Z handsets. (IANS)