• 1 min A Russian Billionaire’s Space Quest To Save Humanity
  • 3 hours Markets Take Breather As Consolidation Continues
  • 5 hours Economic Woes Weigh On Copper Prices
  • 8 hours World's Largest IPO At Risk Following Drone Strikes
  • 1 day Gold Is Beating Buffett’s Berkshire Hathaway
  • 1 day What’s Behind The Silver Sell-Off?
  • 1 day The Retail Apocalypse Is Accelerating
  • 1 day The Top Tech Stocks Of The Year
  • 2 days America’s Workforce Elderly Workforce To Double By 2028
  • 2 days Toyota Tests Solar-Powered Prius
  • 3 days Why The Gold Rally Flatlined
  • 3 days The Uranium Sector Can’t Catch A Break
  • 4 days Upcoming Fed Meeting Has Investors On Edge
  • 4 days Global Gold Sector Outlines Responsible Mining Principles
  • 5 days China’s Giant Vampire Fund Loses $120B
  • 5 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 5 days Savvy Investors Are Betting Big On This Little Data Company
  • 6 days How The Government Is Wasting Tax Money This Year
  • 6 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 6 days The World’s Biggest IPO Is Almost Here
Gold Is Beating Buffett’s Berkshire Hathaway

Gold Is Beating Buffett’s Berkshire Hathaway

For the 20-year period, gold…

A Russian Billionaire’s Space Quest To Save Humanity

A Russian Billionaire’s Space Quest To Save Humanity

One Russian billionaire is planning…

The World’s Biggest IPO Is Almost Here

The World’s Biggest IPO Is Almost Here

Saudi Aramco appears to be…

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