Elon Musk will build a factory in China to build half a million Tesla a year

(AFP)

Donald Trump wars, Elon Musk signs peace. At the same time as the US president launches a new commercial offensive against China, the American automaker Tesla reaches an agreement to build a factory capable of producing 500,000 cars a year.

Il Sole 24 Ore – accelerated the negotiations that lasted months. The new Chinese law that eliminates the 50% joint venture with local partners also comes to the rescue. The California automaker is the first to get permission to open an independent factory in China. In the announcement – writes Bloomberg – there is a non-relevant detail: the cost of the operation.

China Auto Plant (AFP)

The signature took place at the Fairmont Peace Hotel, the Shanghai Peace Hotel. A place now reborn but with a troubled history: in the dark years of the Cultural Revolution it became the seat of the Banda dei Quattro. It was later transformed into a municipal seat. Today, it is a five star hotel in the Bund, opposite the Huangpu River. It is here that Musk signed the agreement with Mayor Ying Yong. The agreement marks the largest foreign investment for Tesla, which is trying to expand into global markets. Plans that are however threatened by the trade dispute between China and the United States.

The factory will be built in the Lingang Industrial District, near Yangshan Port. Shanghai has secured Tesla's full support in a project that combines production, research and development, and commercialization. L & # 39; s goal? The production of electric vehicles. Tesla last month informed shareholders that he was working with Chinese officials to build electric cars and batteries in Shanghai.

After all, it was for months that Musk was negotiating to open a local factory that could bademble the cars directly: it had already concluded the framework agreement in October of last year. And now that the law allows, the CEO of Tesla will be able to avoid the 25% import duty imposed by the Chinese government on foreign cars. Without a factory in China, it would have been difficult for the Californian producer to be competitive in the electric car market, of which China is the world leader. The production of electric vehicles is among the top ten sectors defined as strategic under the Made in China 2025 plan: the innovation program of the manufacturing sector.

The Chinese government is ambitious: it wants 100% electric vehicles to circulate on the 2030 roads. In September 2017, Deputy Minister of Industry and Information Technology, Xin Guobin , announced that China is preparing to stop gasoline and diesel cars to reduce polluting emissions; to join in this ecological approach to other European cities. Tesla's local competitors (at least four) do not remain to watch.

Last year, according to data from the Association of Automobile Manufacturers, the Chinese Association of Automobile Manufacturers, 777,000 electric cars were sold and powered by new sources of electricity. Energy, 53.3% more than in 2016, and a further 40% increase over 2017 figures is expected by the end of 2018.

Elon Musk

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