Bullish on Tesla's Future in China, Musk Ends 3-Day Visit
02:05, Jul 16, 2018
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Tesla has been burning through billions of dollars as it's struggled to ramp up manufacturing of the Model 3 sedan.
Tesla unveiled plans on Tuesday to build a factory in Shanghai to dramatically increase its production capacity, with boss Elon Musk making his electric-car company's biggest overseas move yet just as a US-China trade battle heats up. China already is Tesla's No. 2 market after the United States.
Giant carmaker Tesla has announced that they are building a "Gigafactory 3" in China, a "bold" move that will allow them to produce some 500,000 vehicles per year for Chinese customers.
"We are very supportive, but we would like peace and execution at this stage", Anderson said.
Incidentally, Musk about a year ago said that Model 3 production should reach 10,000 units per week before the end of 2018.
The Model 3, which starts at $35,000, was created to broaden Tesla's customer base beyond the luxury segment and accelerate the pace of electric-vehicle adoption.
Last month, Musk sent an email to Tesla employees claiming that a disgruntled worker had broken into the company's computer systems and "conducted quite extensive and damaging sabotage to our operations".
Tesla has repeatedly said that all those allegations made by the said employee are not true and called him a thief who stole the secret information about the company. As Tesla wrote in an annual report filed with the US Securities and Exchange Committee in February, its customers get the full $7,500. Yeah, I've been sleeping on the factory floor, not because I think that's a fun place to sleep. But the joint statement described the plant as a Tesla "wholly owned Gigafactory". Thus, it would have caused the tax credits start to phase out one full quarter after Q3, so as of January 1, 2019. (TSLA) finally met its production goal for 5,000 Model 3's per week in the last week of the June quarter after a series of production setbacks and missed targets.
Domestic and foreign automakers have been racing to grab a piece of the Chinese electric-car sector, which is expected to continue to grow rapidly as the government pushes cleaner technologies, partly to help combat chronic air pollution.
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