Tesla to Open First Overseas Gigafactory in China
Tesla Inc. signed agreements Tuesday with Shanghai authorities to set up a vehicle assembly plant that will have the capacity to produce 500,000 all-electric autos a year.
The accords move the U.S. electric carmaker a step closer to its long-sought goal of producing vehicles in China, a market that contributes more than 15% of its revenue. China is the world’s largest and fastest-growing market for electric cars, reflecting favorable government policies.
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