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Tesla Company has reached an agreement with the Shanghai authorities to build a plant in this city that will produce 500,000 cars a year. This facility, officially named "Gigafactory 3", will be located in Lingang, a free trade zone near Shanghai.
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It is the first factory of its kind in China, which is 100% owned by a foreign company. investors, and most likely it's the biggest foreign investment in the production sector in this city. Namely, until now this "title" was worn by Disney's Park.
The Memorandum of Understanding signed by both parties provides that all activities, from research and development to production and sale, will take place in the giant new plant, according to an article in the South China Morning Post.
It is also said that the construction of this plant will begin next January.
Today, all over the world, there are stories of boys who were trapped in a cave in Thailand, and Ilon Mask was involved in the process of their rescue, he designed mini submarines in which the boys had to be taken out of the caves.
His company completed the construction of these submarines in record time, although they were ultimately not used.
In any case, the boys and their coach managed to get off the surface of the earth, thanks to the large number of brave people who participated in their rescue.
From there, Mask went to Shanghai, where he personally witnessed the signing of the agreement.
Ilon Mask has criticized in the past the policy of the Chinese authorities that foreign car manufacturers, if they want to build vehicles in China, must first set up a joint venture with partners domestic with a 50:50 share, then build factory.
Shortly after this criticism, representatives of the Chinese authorities announced plans to abolish this regulation by 2022 to companies that manufacture cars with alternative propulsion systems, such as electric ones, which allowed Tesla to build his own models.
The announcement of the Chinese plant strengthening agreement comes just days after the increase in tariffs on imports of American electric cars into the country, resulting in an increase 20% of Tesla's vehicle prices.
In any case, the price of Tesla's vehicles in China will drop drastically when the Shanghai factory becomes fully operational.
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