Tesla Inks Deal To Start Manufacturing Cars In China

Later, the electric auto manufacturer confirmed the development to build a factory in Shanghai to manufacture its cars locally for the very first time. According to the news report, Tesla would likely still face 25 percent import duties on its factory-produced cars sold in China. If the market for electric cars continues to soar, as Chinese officials hope it will, there could be other Tesla factories in China in the future.

Tesla could be starting up a factory in China soon - in Shanghai's free trade zone, to be exact - and it could finally see improved sales in the country, whose market it has wanted to crack for so long.

Tesla had said in June that it was in discussions with the Shanghai government and that it would detail its China manufacturing plans by the end of the year.

Electric auto firm Tesla Inc (NASDAQ:TSLA) may well see its shares in focus on Monday after news at the weekend that the group has struck a deal with the Chinese government in Shanghai to build a production facility in the city's free-trade zone.

More news: Susan Collins Forgoes Bid For Maine Governor, Will Run For Re-Election Instead

Tesla would not be entitled to tariff waivers by setting up a plant in the free-trade zone, the Journal report said, but it would reduce shipping costs. "While we expect most of our production to remain in the USA, we do need to establish local factories to ensure affordability for the markets they serve".

China has set ambitious aspirations to accelerate significantly the electric-car sector, aiming to reach a 10-fold increase in sales of plug-in hybrids and fully electric cars.

There have been ongoing rumors about Tesla striking a deal with Shanghai, and it had initially been reported by Bloomberg in June. Sources with knowledge of the matter told the Wall Street Journal that Tesla will not be partnering with a local manufacturer as is the norm in China. Tesla Plans to build its electric cars in China. In August, Tesla announced a $1.5 billion bond offering purportedly to ramp up production on the Model 3. The proposed plant in Shanghai which is China's de facto automotive capital will be manufacturing Tesla models for Asian markets. It could also help curry favor with the Chinese government, which has indicated that it might impose aggressive policies to favor electric vehicles over internal combustion cars in the future.

(Copyright © 2015. All Rights Reserved.)

Federal judge challenges Trump travel ban
Hawaii argues the updated ban is a continuation of President Donald Trump's "promise to exclude Muslims from the United States". Rather the bans on both those countries will affect relatively tiny groups compared to the banned Muslim-majority nations.

New wave of Rohingya refugees flock to Bangladesh camps
In many places, satellite imagery showed multiple areas on fire, burning simultaneously over wide areas for extended periods, HRW said.

Cheryl explains why she called her baby Bear after Simon slates her
However, they'd actually met many years before, when Liam auditioned for TV talent show The X Factor when Cheryl was a judge. As fans know, Harry Styles recently went through some pretty tough times with the loss of his stepfather earlier this year.

7 policemen killed, 22 hurt in explosion in Pakistan
On August 13 this year, at least 15 people, including eight soldiers, were martyred when a military truck was targeted in Quetta . A forensic team from Lahore is expected to reach Quetta soon to determine the nature of the blast, he said.

Jets can't overcome Patriots, controversial call
Their three-game winning streak is over, but the Jets (3-3) showed they can hang with a heavyweight. The touchdown machine was back in full force in New England's come-from-behind win over the Jets .

Arsenal boss Wenger fears lengthy absence for Mustafi
But he trained on his own and the first signs are positive, so we chose to give him a test tomorrow", he added. The Bosnian has returned from global duty with a minor hip problem - he's set to be tested today.

Manchester United fans blast Ander Herrera performance vs Benfica
We brought the kid today like Benfica does, I have no other solution, I brought [teenager] Scott McTominay, who is the same age as the Benfica kids.

At Least 52 Officers and Conscripts Killed in Egypt Gun Battle
The militants reportedly belong to the Hasm group, which has launched several attacks against police forces in the past. Egypt has been under a state of emergency since April when a twin church attack killed scores.

Darjeeling: Pollice officer killed in clashes with GJM faction
Amitabh Mullick died allegedly of bullet injuries in an early morning operation at a hide out of GJM president Bimal Gurung . Last night, the police had conducted a raid in the Nimbu Basti area of Darjeeling to catch Bimal Gurung.

New weapons between Trump and the NFL on the national anthem
Until people like Trump, who refused to condemn racists, white supremacists and KKK, begin a dialogue, protests will continue. Goodell also said there were only "six or seven" players protesting.

Amazon Echo (2nd Gen) and Echo Plus hands-on review
Inspired by the architecture and sound profile of the Play:1, the One is offered in black or white to blend into any room decor. Sonos engineered the light and the microphone into the same circuit so that it's impossible for one to be on without the other.

How to Watch the Orionid Meteor Shower This Weekend
This year the moon is headed into a New Moon phase as the shower hits, meaning stargazers are in for a great view of the shower. However, city lights always pose a problem, so if you live near town, hop in your vehicle and head out into the country.

NBA Trades: DeAndre Jordan asked Eric Bledsoe to join Los Angeles Clippers
The team announced Sunday night that associate head coach Jay Triano was taking over for Watson as interim head coach. Head Coach Earl Watson has been fired by the club after amassing a 33-85 record in 118 games at the helm.

Bomb-Sniffing Dog Hates CIA Job, Opts for Early Retirement
The CIA offers handlers and their families the opportunity to adopt dogs that are dropped from the program or are retired. The CIA is announcing Friday the newest addition to the fall 2017 puppy class, with the hopes of a flawless match.

Microsoft unveils Surface Book 2, its second bite at Apple
Surface Book 2 is powered by either a seventh-generation Intel Core i5 or eighth-generation Intel Core i7 quad-core processor. It has a backlit keyboard, works with the Surface Pen, and will be compatible with the coming Windows Mixed Reality headsets.

More News

More News