Pursuits
Tesla Eyes Shanghai as Front-Runner for China Production
- Tesla, Jinqiao may invest $9 billion in Shanghai project
- China production would allow Tesla to avoid 25% import levy
Tesla Targets Shanghai Production Site
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Shanghai has emerged as the front-runner to become the production base for Tesla Motors Inc. in China in an investment that may be valued at about $9 billion, according to a person with knowledge of the matter.
Jinqiao Group, a Shanghai government-owned company, has signed a non-binding memorandum of understanding with Tesla on building its production facilities in the municipality, said the person, who asked not to be identified because the negotiations are private. Shanghai Jinqiao Export Processing Zone Development Co., a publicly traded unit of Jinqiao Group, said its controlling shareholder hasn’t signed any documents related to a joint venture for a Tesla Motors Inc. factory.