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Tesla sets up a factory to produce 500,000 vehicles a year in China, taking the biggest step outside the United States. Tesla is preparing to sign a memorandum of understanding with the local government in Shanghai. Tesla CEO, Elon Musk, will be in Shanghai Tuesday for an event organized by the Chinese government
The opening of a factory in China by Tesla will make the company's entries more economical because of the reduction of shipping costs.
Musk, November he said that they would start producing Chinese in three years. The 47-year-old entrepreneur said that instead of the more expensive S and X models, the smaller model 3 sedan and the Y model could produce crossovers.
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