The billionaire is counting on the plant to build momentum for company in world’s largest market for EV. FMTNewsv Tesla
Musk speaks during an event at the site of the company’s manufacturing facility in Shanghai earlier this year.
The latest came Friday, when the locally built car was included on a list of vehicles qualifying for an exemption from a 10% purchase tax in China.The stock has surged since the carmaker reported a surprise profit on Oct 23 and is now more than double its year low of US$178.93 in June. With Tesla’s volatile stock price and strained finances, investors will be watching closely how the ramp-up unfolds.
Tesla is importing parts and assembling them at the facility near Shanghai, with production localisation expected later in 2020.Tesla didn’t immediately respond to an inquiry seeking comment.
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