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The founder of Tesla and SpaceX, Elon Musk, landed in Chiang Rai, northern Thailand, after the rescue mission to get the boys out of the cave. In his luggage, he brought with him a specially designed submarine, which he hoped to help.
After a quick trip to the cave, he met the Thai Prime Minister at the airport and went to Shanghai China where Tesla confirmed that they were going to start the construction of the first factory in the city. Outside the United States.
Musk spent three days in China, where he had meetings with the government and the specialized communities. Musk is impressed by what he saw in China this week.
"The world has never seen so much of energy and human power on such a scale, "writes He on Twitter
Startup for Global Expansion
He has, among other things, had meetings with Vice President of China, Wang Qishan.
"Wonderful encounters with management." He writes, adding that the Tesla team had "interesting conversations about history, philosophy, and happiness."
Visit is the same week that China and the United States have started a trade war.The US President Donald Trump has threatened to fine Chinese imports worth $ 200 billion a year.The prices of Tesla models Made in the United States grew by 20%.
China accounted for about 17% of Tesla's total business turnover last year and Musk has long said it wants to establish in China. At the June General Assembly, Teslas said that global sales director, Robin Ben, said the goal is to have about 10 to 12 factories in the world for the production of cars and batteries
. ", said Musk during the meeting. Phone Reference
How the fund & # 39; expanding?
The unanswered question is how Tesla will finance these massive investments in new factories. The money comes out of the business, which has never been profitable
– The biggest question for investors now, ie "bulls" and the "Bear," is how to pay for it. They need to get more capital, "says analyst Robert K Baird Robert Kairo & Co. According to Musk, the Chinese plant will open in two years and will be able to produce half a million cars a year in four to five years.
The Chinese electric car market is growing rapidly. Last year, 777,000 hybrid cars and electric cars were sold in China and could spend a million this year, according to the China Association of Automobile Manufacturers. The goal is to sell seven million electric and hybrid cars a year in China in 2025.
Tesla sold nearly 15,000 cars in China last year. (Terms)
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