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Tesla sets up wholly-owned subsidiary in Shanghai

IANS  |  Beijing 

In its latest effort to penetrate into the Chinese market, US maker has set up a wholly-owned subsidiary in

received the business license for its subsidiary from the market regulation bureau of the Pudong New Area on Thursday, quoted the National Enterprise Credit Information Publicity System as saying on Monday.

The newly-established subsidiary registered capital of 100 million yuan ($15.8 million). The only shareholder is Motors HK Limited.

The firm's businesses include and transfer in the fields of electric cars, auto parts, batteries, and photovoltaic products, and wholesale and import and export of such products.

announced in April that it would scrap share-holding limits for new for foreign investors in 2018. It also pledged to reduce tariffs for imported cars.

Earlier, the Municipal Commission of Economy and Information Technology said Tesla and the government had maintained good communication and would continue to discuss in the municipality.

Tesla's global revenue for 2017 grew 67 per cent to nearly $12 billion. The Chinese market contributed $2 billion, up 90 per cent.



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

First Published: Tue, May 15 2018. 07:48 IST