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BUSINESS & TECH

Tesla to Open First Overseas Gigafactory in China

Tesla sold around 17,000 vehicles in China last year. Photo: VCG
Tesla sold around 17,000 vehicles in China last year. Photo: VCG

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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