• 15 hours Tech Billionaire Takes Aim At Google
  • 17 hours Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 20 hours Expect A Pullback Before Gold's Next Major Rally
  • 22 hours Why Interest On Gold Matters
  • 2 days Ten Extravagant Food Items For The Wealthy Only
  • 2 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 3 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 3 days Is A Gold Selloff Looming?
  • 4 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 4 days Three Cannabis Trends Flying Under Investors’ Radars
  • 5 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 5 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 5 days Dollar Falls As Powell Teases Rate Cuts
  • 5 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 6 days Many Americans Will Never Stop Working
  • 6 days Mozilla vs DarkMatter: The Cyber Espionage End Game
  • 6 days Chile Cracks Down On Environmental Infractions
  • 6 days Warning Signs Emerge For Boeing
  • 7 days First Amendment Stands Strong In Trump vs. Twitter Showdown
  • 7 days Musk Bullish On Tesla Despite Executive Exodus
Warning Signs Emerge For Boeing

Warning Signs Emerge For Boeing

The market is underestimating just…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

Tesla Breaks Ground On First Factory Outside The U.S.

Breaking Ground

Elon Musk joined the mayor of Shanghai on Monday for the groundbreaking ceremony of Tesla’s first factory outside the U.S. and in the world’s largest electric vehicle (EV) market, China.

Tesla aims to finish the initial construction of the Shanghai Gigafactory this summer, begin production of Model 3 by the end of this year, and reach high volume production next year, Musk wrote on Twitter on the day of the event.

The Shanghai Gigafactory production of Models 3 and Y will serve the Greater China region, Musk added, noting that “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.”

In a sign that Tesla is preparing to start construction of its first factory in China, Musk said last week that he would be visiting China soon for the groundbreaking ceremony.

“Looking forward to visiting soon for the groundbreaking of Gigafactory Shanghai!” Musk wrote on Twitter last Monday, replying to a Chinese Tesla owner who had volunteered to deliver a Tesla vehicle to a new owner.

The EV maker signed the deal for the construction project with the Shanghai authorities in July. The factory is expected to double Tesla’s electric car production, beginning in two years. Related: The Biggest Threat To Industrial Metals In 2019

The peak annual turnout of the Shanghai factory will be half a million Teslas and the same amount of battery packs, to be achieved two to three years after the launch of production, Tesla said in July after the signing of the deal with Shanghai authorities.  

Tesla aims to have a production facility in the world’s top EV market China in order to be able to compete on a level playing field with a growing number of local EV manufacturers. As a U.S.-made vehicle, Tesla’s cars in China have been subject to steep tariffs, and sales have suffered from the U.S.-China trade war.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment