Skip to content
Subscriber Only

Auto Suppliers Jump on Report Tesla to Fully Own China Plant

  • Shanghai official in charge of EV projects says no such pact
  • Tianjin Motor Dies, Dongguan Eontec shares pare gains
1508680777_GettyImages-848763298

1508680777_GettyImages-848763298

Updated on

Auto-parts suppliers shares jumped in Asian trading after Wall Street Journal reported that Tesla Inc. reached an agreement with Shanghai’s government to build a fully owned manufacturing facility in the city’s free trade zone.

"As far as I know, there is no such agreement," Guo Lei, an official at Shanghai’s Economy and Information Technology Commission who is in charge of new-energy vehicle projects, said in a phone interview Monday. In a statement, Palo Alto, California-based Tesla reiterated that it’s working with Shanghai’s government to explore local manufacturing.