07/17/2018

Tesla to Build Auto Factory in Shanghai

Tesla Inc. will build a factory in Shanghai, the city government announced on Tuesday, a move expected to boost sales in the world’s largest auto market but one that could also draw fire as U.S. manufacturers face political pressure to keep jobs at home.

The electric-car maker will set up a plant with an annual capacity of 500,000 vehicles, the Shanghai authorities said in a statement. Tesla Chief Executive Elon Musk was in Shanghai to sign a memorandum of cooperation with Mayor Ying Yong, it said, confirming that the facility will be wholly owned by Tesla.

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