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Tesla, Shanghai reach deal on wholly owned facility: WSJ report

Tesla in June confirmed that it was working with the Shanghai govt to explore local manufacturing in China

Benjamin Katz | Bloomberg 

Tesla has reached an agreement with the Shanghai government to set up its own manufacturing facility in the city, the Wall Street Journal reported Sunday, citing people briefed on the plan. The Palo Alto, the California-based carmaker is working with the local government on the timing and details of an announcement, the people told the newspaper. The deal, which without a local partner likely won’t negate China’s 25 per cent import tax, will still allow Tesla to reduce its production costs drastically, according to the report. Tesla in June confirmed it was working ...

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First Published: Mon, October 23 2017. 02:27 IST