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Tesla follows in the footsteps of the automobile industry, Mercedes, BMW and Audi, and opens a factory in China. The new Shanghai production center will build 500,000 cars a year.
Half a million Tesla vehicles will be built at the new Gigafactory 3 plant in Lingang near Shanghai. It will be the first foreign-controlled foreign plant in China and could be the largest foreign investment in the auto-manufacturing sector, surpassing Walt Disney's $ 5.5 billion investment
The partnership signed by Tesla confirms that Gigafactory 3 will be the research and development, production and sales center. The construction of the factory will start early next year.
Elon Musk flew to China after his trip to Thailand, where 10 children and their trainer were captive for 17 days. Musk took the mini-submarine that he designed and built last weekend to help save the cave.
Musk was one of the harshest critics of China's auto manufacturing legislation that requires a 50-50 with a local automobile company for any foreign producer. Shortly after, the Chinese government decided that any company that builds electric cars does not have to comply with this law.
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