Tesla Narrowing in on Shanghai Factory

Katie Ramirez
May 16, 2018

"Tesla's new company in Shanghai is a clear message that it will definitely land in the Chinese market for local production", said Davis Zhang, a senior executive at Suzhou Hazardtex, a fork-lift manufacturer. Ltd., which is listed as the sole shareholder of the new Shanghai-flagged corporation. "We don't have anything new to add on this registration for now", a Tesla spokeswoman told Reuters on Monday.

Tesla sold 17,000 vehicles on the mainland past year, up 51.6 per cent from 2016, according to the China Automobile Dealers Association.

Tesla is preparing to set foot on Chinese soil as the country begins lifting a cap on foreign ownership of domestic auto ventures. "Tesla is still inarguably the leader in electric cars, and its locally-built cars will attract more buyers". It has other wholly-owned firms registered in China focused on sales and research and development.

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In its latest effort to penetrate into the Chinese market, U.S. electric vehicle maker Tesla has set up a wholly-owned subsidiary in Shanghai. The Chinese market contributed $2 billion, up 90 percent.

Analysts have said the main beneficiaries of looser ownership rules would be NEV makers like Tesla to protect its technology rather than cede a 50 percent share. Earlier this month, Tesla chief Elon Musk thanked Beijing for scrapping limits on foreign ownership of local electric auto firms. China sold 777,000 new-energy vehicles in 2017, a 53 percent increase over 2016.

The Palo Alto, California-based company has been working with Shanghai's government since previous year to explore assembling cars in China.

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