Hyperdrive
Tesla Moves a Step Closer to China Production by Setting Up Unit
- California-based EV maker registers subsidiary in Shanghai
- Musk said in May company to announce gigafactory in China soon
China Eases Restrictions in Auto Sector
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Tesla Inc. has set up a new wholly owned company in Shanghai, moving a step closer to producing its electric vehicles in China and establishing its first gigafactory outside U.S. shores.
Tesla’s Hong Kong division registered the new company with a capital of 100 million yuan ($15.8 million), the National Enterprise Credit Information Publicity System said on its website. The business scope of the unit includes technological development and services on electric vehicles, auto parts, batteries, energy storage facilities and solar panel products, according to the website.