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Tesla close to agreement on first production plant in China - Bloomberg

Reuters 

(Reuters) - Inc is close to an agreement to produce its electric cars in for the first time and gain better access to the world's largest auto market, reported, citing people familiar with the matter.

An agreement with the city of Shanghai would allow to build its facilities in Lingang development zone and could come as soon as this week, the report said. (https://bloom.bg/2rOQwcG)

The electric carmaker, whose revenue from tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, reported.

was not immediately available for comment.

In March, Tencent Holdings Ltd <0700.HK>, China's biggest internet company, bought a 5 percent stake in for $1.8 billion.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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